Secured Loans

Secured Loans: As the name suggests, a secured loan is ‘secured’ against your home just like a mortgage. This differs from a ‘personal loan’, which can be offered to anyone including those who do not own their own home. A secured loan is often secured behind your primary mortgage, which will typically have a ‘first’ charge on your home, hence why Secured Loans are also called ‘Second Charges’. They can be a useful way to raise money quickly, for a variety of uses, without needing to adjust or change your existing mortgage arrangements.

Why take a Secured Loan?

Secured Loans are typically used for home improvements, large purchases such as a caravan or to pay off existing debts (debt consolidation). The money can also be used to start or invest in a business, gift to children to help them buy a home or pay for wedding. The reason for taking a secured loan on top of your existing mortgage, means no changes to your existing mortgage. For example, you may be part-way through a 5 year fixed rate mortgage. Repaying that mortgage part-way through would almost certainly incur early repayment charges. The lender may also be unwilling to offer additional borrowing, so in that circumstance, a secured loan may be the best options.

Secured loans typically start from £25,000 upwards, and can also be taken over a longer period of time compared to personal loans, so the monthly payments can be lower. They can offer flexibility and some loans can be arranged with no early repayment charges, allowing for short term borrowing. You will need to make the monthly payments for your current mortgage and the secured loan in addition, so budgeting is crucial. Also the high street banks do not offer secured loans, they are usually provided by specialist banks and lenders, many of which only work with brokers like us.

Our Services

Our team of friendly experts will explain the process of applying for a secured loan and guide you along the journey. We can explain the entire process and provide FCA regulated advice and recommendation on the best financial solutions for your circumstances, based on your preferences. We can meet face to face, virtually or on the phone. Our systems allow you to submit information and documentation via our secure client portal. After we have arranged your secured loan, our friendly team will be on hand to help keep your finances in good health, into the future and we will be happy to help again with remortgaging or product switching.

A dedicated Mortgage Adviser
Direct access via phone, email and messenger at every stage
Face to face, virtual or over the phone, flexible to meet your needs
Full UK coverage, we can support clients all across the UK.
Secure client portal to upload documents and share information
Mortgage Decision in Principle / Agreement in Principle (DIP / AIP) certificate
Whole of market mortgage advice and recommendation
Insurance & Protection to shelter you from unexpected events
Clear communication and regular updates

Did you know? Consolidating debts over a longer time period, can reduce monthly payments, but you may pay more in interest in the long term. We can review your situation and advise the best way forward.

Read our Free Information guide for Secured Loans.

Have more time? We have published a Free Information Guide for Secured Loan. It is a short 4 minute read and can be accessed: here

About us

First Select Mortgage Brokers are friendly and professional mortgage brokers. We can access mortgages from the whole of the UK mortgage market, meaning we can get the best possible deal for our clients circumstances. Based in Manchester, we are a family business with decades of experience in financial services. Our goal is to be the most trusted regional mortgage advisory business in the northwest of England.