Find the right homeowner loan for you

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  • We search our comprehensive panel of leading lenders
  • Check your eligibility without affecting your credit score
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Second charge mortgages from 5.1% APRC. Second charge mortgage representative example (if you choose to add fees to the loan). Assumed borrowing of £29,000 over 139 months, plus a broker fee of £2,850 and lender fee of £367.50 would result in monthly repayments of £406.28, the borrowing rate is 8.6%, the APRC is 11.3% (variable), total charge for credit would be £24,254.73 and the total amount payable would be £56,472.23. Freedom Finance is a leading credit broker and not a lender. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Why do you need a secured loan?

No matter if you’re looking to consolidate your debts or start a home improvement project, a secured loan could give you the funds you need to get your plans moving.

To help you decide whether this type of loan is right for you, we’ve put together a few guides on how you can use a secured loan. We offer secured loans from £5,000 – £500,000+ over terms from 1 to 30 years.

Debt Consolidation Loans
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Debt Consolidation Loans

Check if you can reduce your current credit repayments on loans, cards and overdrafts by paying them off with a consolidation loan that has a lower APR.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the term of the debt and increasing the total amount you repay.

Home Improvement Loans
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Home Improvement Loans

With a homeowner home improvement loan, you could borrow from £10,000 to £2,000,000 to fund your next project.

Wedding Loans
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Wedding Loans

Check if you can spread the cost of your big day without harming your credit score.

Home Furnishing Loans
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Home Furnishing Loans

No matter if you’re kitting out a new home or your furniture is simply in need of an upgrade, we can help you check if you can spread the cost.

Caravan/ Motorhome Loans
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Caravan/ Motorhome Loans

Get your next adventure started sooner than you think by checking if you can spread the cost of your caravan or motorhome.

Additional Property Loans
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Additional Property Loans

Looking to purchase an additional property? Find out how much you can borrow now and get a decision in minutes.

Purchase Freehold Loans
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Purchase Freehold Loans

Quickly check your finance options for purchasing the freehold of your property.

Medical Loans
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Medical Loans

Quickly check your medical loan options now without damaging your credit score.

Still have questions?

What is a secured loan?

The Definition of a Secured Loan


A secured loan means that you can borrow money secured against an asset that you own. Secured loans are taken out over a fixed period of time, in which you agree to pay back the loan. Failing to do so, or defaulting on the loan, may result in the sale of the asset in order to recoup any losses

What are secured loans for?


Secured loans are used to borrow large sums of money against something you own, using it as collateral. They are often used for major expenses, such as large-scale house improvements or debt consolidation, and can be taken out over a long period of time. If a secured loan is taken out against your property, you are agreeing that, in the case that you can’t pay off the loan, you may need to sell your house to make the payment. Likewise, if you used your car as an asset, it may be repossessed if you don’t keep up your repayments. Lenders may see secured loans as lower risk because they know they can collect the money you owe from your assets if you don’t make the repayments. Because of this security, secured loans may come with better interest rates and longer repayment terms. This can mean lower monthly repayments compared to an unsecured loan. As with all borrowing, you should consider the total amount you will need to repay overall when considering a product. The amount you are able to borrow and the rate that you are quoted by the lender will depend on your circumstances as with all loans, but with a secured loan, the amount of equity you have in your property will also affect this. If you are a homeowner but your credit history is not perfect, you might find that you are offered secured loans.

How long will it take to process a secured loan?

The process can be completed fairly quickly if you can provide all the information efficiently and accurately.

After you’ve made your secured loan application, you’ll normally receive a quotation that needs to be validated and confirmed by your lender. If you decide to take the next step, then your lender will assess your credit report.

If the loan you want is secured against your property, then the lender will want to know its value. They’ll need to be reassured that the amount of equity (another word for ‘worth’ or ‘value’) you have in your home covers the amount of the loan.

You may also need to supply your banking details and other financial information.

This process varies from lender to lender but can take several weeks. You could ask for an estimated time at the point you decide to proceed.

I have taken out a secured loan, but I’m moving – will this be a problem?

Not necessarily. There are a few options. The first option is to see if you have enough money from the house sale to repay the debt in total. The second option is to transfer the loan to the next house you’re moving to. It’s important to note that not all lenders will allow it.

What is the difference between a secured loan and an unsecured loan?

When looking to borrow money, it is important to understand the difference a secured or unsecured loan. Whether you are looking to purchase a new car, wanting to consolidate debt, or take out a loan to renovate your home, both secured or unsecured loans could be an option. The decision will depend on your personal circumstances and various factors that you need to consider.

Secured Loans

• Require an asset to secure the loan against —usually this is your property in order to get a secured loan • Tend to be for larger amounts. • Tend to be over a longer period of time. • Can result in lower interest rates.

Unsecured Loans

• Do not secure the loan against your assets. • Typically these are for smaller amounts ranging from £1,000 – £25,000 • Tend to be for a shorter period of time. • Interest rates may be higher than a secured loan

What is a Secured Loan?

The Definition of a Secured Loan

A secured loan means that you can borrow money secured against an asset that you own. Secured loans are taken out over a fixed period of time, in which you agree to pay back the loan. Failing to do so, or defaulting on the loan, may result in the sale of the asset in order to recoup any losses.

What are Secured Loans for?

Secured loans are used to borrow large sums of money against something you own, using it as collateral. They are often used for major expenses, such as large-scale house improvements or debt consolidation, and can be taken out over a long period of time. – If a secured loan is taken out against your property, you are agreeing that, in the case that you can’t pay off the loan, you may need to sell your house to make the payment. Likewise, if you used your car as an asset, it may be repossessed if you don’t keep up your repayments. Lenders may see secured loans as lower risk because they know they can collect the money you owe from your assets – if you don’t make the repayments. Because of this security, secured loans may come with better interest rates and longer repayment terms. This can mean lower monthly repayments compared to an unsecured loan -.As with all borrowing, you should consider the total amount you will need to repay overall when considering a product. The amount you are able to borrow and the rate that you are quoted by the lender will depend on your circumstances as with all loans – and with a secured loan, the amount of equity you have in your property will also affect this. If you are a homeowner but your credit history is not perfect, you might find that you are offered secured loans. –

What is an Unsecured Loan?

The Definition of an Unsecured Loan

An unsecured loan is quite straight forward. You borrow money from a lender over a set time period in which you agree to pay back the loan. An unsecured loan is not secured against an asset but failue to make payments on time can can incur additional charges or consequences such as affecting your credit rating.

What are Unsecured Loans for?

Typically speaking, unsecured loans are used to pay for smaller expenses compared to secured loans, these could be things such as car repairs but they can be used for home improvements, a car purchase or debt consolidation. Being smaller value loans, unsecured loans tend to have a shorter repayment terms than secured loans. There can be flexibility and you can pay over various terms of up to around 7 years. Unsecured loans can have a simpler application process than secured loans as they are not secured against an asset It is important to note with unsecure loans, if you don’t make payments, it is possible that additional charges could be applied to the loan. This will show on your credit record. Likewise, in the event that an unsecured loan is not able to be paid back, the lender may still take action to get their money back..

How to know if a Secured or Unsecured Loan is right for you

When looking at a secured loan vs an unsecured loan, there are several things to take into account. – If you only want to borrow a small amount of money, for a car repair or small home improvement, then an unsecured loan may be the best option for you. Unsecured loans can be ideal for small amounts of money, with no need of an asset to be secured against the loan. Unsecured loans can also have shorter repayment periods; however, they can also have a higher interest rate. This is due to the shorter lending period. Secured loans, on the other hand, can be for larger sums of money. It is for this reason that they can be suited for large home renovation projects, or to consolidate debt. Secured loans, unlike with unsecured loans, require for an asset to be placed against the loan. It is for this reason that secured loans often require the borrower to be a home owner, in order to use the house as collateral. This is not always the case as, depending on the lender and the amount, other assets can be used – like a car or valuable jewellery. The second aspect worth considering your loan is what your credit score is like. Credit score is taken into account with both secured and unsecured loans. If your credit score is good or excellent then it may be possible to get a high value unsecured loan. If, on the other hand, your credit score is lower than good, then a secured loan may be more viable.

Choosing the Right Loan for You

Before areeing a loan, it is absolutely vital to ensure that the secured or unsecured loan you go for is right for you. If you would like independent advice, it is possible to contact the Money Advice Service. The Money Advice Service is an independent service that offers free, impartial advice. Call 0300 500 5000 or visit the Money Advice Service website.

How to know if a Secured or Unsecured Loan is right for you?

When looking at a secured loan vs an unsecured loan, there are several things to take into account. – If you only want to borrow a small amount of money, for a car repair or small home improvement, then an unsecured loan may be the best option for you. Unsecured loans can be ideal for small amounts of money, with no need of an asset to be secured against the loan. Unsecured loans can also have shorter repayment periods; however, they can also have a higher interest rate.

This is due to the shorter lending period. Secured loans, on the other hand, can be for larger sums of money. It is for this reason that they can be suited for large home renovation projects, or to consolidate debt. Secured loans, unlike with unsecured loans, require for an asset to be placed against the loan. It is for this reason that secured loans often require the borrower to be a home owner, in order to use the house as collateral. This is not always the case as, depending on the lender and the amount, other assets can be used – like a car or valuable jewellery.

The second aspect worth considering your loan is what your credit score is like. Credit score is taken into account with both secured and unsecured loans. If your credit score is good or excellent then it may be possible to get a high value unsecured loan. If, on the other hand, your credit score is lower than good, then a secured loan may be more viable.

Choosing the Right Loan for You


Before agreeing a loan, it is absolutely vital to ensure that the secured or unsecured loan you go for is right for you. If you would like independent advice, it is possible to contact the Money Advice Service. The Money Advice Service is an independent service that offers free, impartial advice. Call 0300 500 5000 or visit the Money Advice Service website.

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