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What is a secured loan?
A secured loan (also called a second charge mortgage or homeowner loan) lets you borrow money using your property as security. Because the loan is backed by your home, lenders can typically offer larger amounts and lower interest rates than unsecured personal loans.
Unlike a remortgage, a secured loan sits alongside your existing mortgage. You keep your current deal and don’t need to change it.
This is particularly useful if you’re on a low rate you don’t want to lose, or if you’d face early repayment charges for remortgaging.
It’s also a popular option for debt consolidation, as many first charge mortgage lenders restrict this as a purpose.
Important: Your home is at risk if you don’t keep up repayments. Always consider whether you can afford the monthly payments before borrowing.
Secured loans are regulated by the Financial Conduct Authority (FCA). This means you’re protected by strict rules on fair treatment, clear information, and responsible lending.
Secured vs Unsecured
Why secured loans can make more sense
Secured Loan
Personal Loan
For larger amounts over longer terms, secured loans can offer
What can you use a secured loan for?
Secured loans are flexible—use the funds for almost any purpose. Here are the most popular reasons people borrow.
Debt consolidation
Combine multiple debts into one lower monthly payment. Many first charge mortgage lenders restrict debt consolidation—secured loans offer a solution.
Learn moreHome improvements
Extension, new kitchen, loft conversion, or garden landscaping. Invest in your property and potentially increase its value.
Learn moreMajor purchases
New car, caravan, boat, or other big-ticket items. Spread the cost over a longer term with lower monthly payments.
Learn moreProperty deposit
Raise a deposit for a buy-to-let or second property purchase. Use your existing equity to grow your portfolio.
Learn moreTax bills
HMRC won’t wait. Spread a large tax bill over manageable monthly payments rather than facing penalties or interest.
Learn moreWeddings & events
Make your special day everything you dreamed of. Finance your wedding, milestone birthday, or family celebration.
Learn moreOther reasons people use secured loans:
Why choose a secured loan?
For homeowners who need to borrow, secured loans offer advantages that personal loans often can’t match.
Borrow much larger amounts
Access £10,000 to £1.5 million or more, depending on your equity. Most personal loan lenders cap at £25,000—secured loans let you borrow what you actually need. The average secured loan is around £50,000.
Typically lower interest rates
Because the loan is secured against your property, lenders can often offer lower rates than unsecured alternatives—potentially saving you a significant amount over the term.
Keep your existing mortgage
A secured loan sits alongside your current mortgage, so you don’t have to give up a competitive rate or pay early repayment charges to remortgage.
Longer repayment terms
Spread your borrowing over 3 to 30 years. Longer terms mean lower monthly payments, making larger amounts more affordable month-to-month.
More flexible on credit history
Because there’s security, lenders can be more flexible if your credit isn’t perfect. Missed payments, CCJs, or defaults don’t automatically mean rejection.
Debt consolidation friendly
Many first charge mortgage lenders restrict debt consolidation as a purpose. Secured loans are specifically designed for this use, giving you options when remortgaging isn’t available.
From quote to cash, made simple
Getting a secured loan doesn’t have to be complicated. Here’s how it works with Albot.
Chat with Albot
Tell us about your property, how much you want to borrow, and what it’s for.
⏱ ~2 minsSee your options
We search 100+ lenders instantly and show you the deals you could get.
⚡ Instant resultsExpert advice
A qualified adviser from Loan.co.uk (our group company) reviews your options.
👤 RegulatedGet your funds
Once approved, the money is transferred directly to your account.
💰 Funds releasedSmarter, faster, clearer
We combine AI speed with human expertise to find you the right secured loan.
Instant comparison
See deals from 100+ lenders in seconds, not days. AI-powered matching finds your best options fast.
Expert support
Recommendations from qualified advisers at Loan.co.uk—our FCA-regulated group company.
Total transparency
See all costs upfront—rates, fees, everything. No hidden surprises, no confusing small print.
No credit footprint
Checking your options uses a soft search—it won’t affect your credit score or show up to other lenders.
Common questions about secured loans
Everything you need to know before you borrow.
How much can I borrow with a secured loan?
You can typically borrow from £10,000 up to £1.5 million or more. The amount depends on your property equity and ability to afford repayments. Lenders assess your property value, outstanding mortgage, income, and outgoings. The average secured loan is around £50,000.
Will a secured loan affect my existing mortgage?
No, a secured loan sits alongside your existing mortgage as a “second charge”. You keep your current mortgage deal exactly as it is. This is ideal if you’re on a low rate you don’t want to lose, or if you’d face early repayment charges for remortgaging.
What can I use a secured loan for?
Secured loans are flexible—you can use the funds for almost any purpose. Popular uses include debt consolidation, home improvements, large purchases, property deposits, tax bills, weddings, school fees, and more. Debt consolidation is particularly common as many first charge mortgage lenders restrict this purpose.
Can I get a secured loan with a less than perfect credit score?
Yes, because the loan is secured against your property, lenders can often be more flexible about credit history. Many specialist lenders consider applications from people with missed payments, CCJs, defaults, or other credit issues. Rates may be higher, but options are often available where personal loans would be declined.
How long does it take to get a secured loan?
Typically 2-4 weeks from application to funds, though it can be faster. The process includes a property valuation and legal work. You’ll see your options instantly with Albot, and completion depends on how quickly valuations and paperwork are processed.
What happens if I can’t keep up repayments?
Because the loan is secured against your home, your property is at risk if you don’t keep up repayments. Lenders will typically work with you if you’re struggling—contact them early if you have problems. Only borrow what you can comfortably afford.
Ready to unlock your home’s value?
See what you could borrow in around 2 minutes—no commitment, no credit footprint.
Check your optionsRepresentative Example (Secured Loans & Second Charge Mortgages)
If you borrow £18,000 over 10 years, initially on a fixed rate for 5 years at 7.4% and for the remaining 5 years on the lender’s standard variable rate of 7.9%, you would make 60 monthly payments of £249.27 and 60 monthly payments of £254.63. The total amount of credit is £19,657 (including a lender fee of £595 and a broker fee of £1,062). The total amount repayable would be £30,234. The overall cost for comparison is 10.42% APRC representative. This means 51% or more of customers receive this rate or better for this type of product.
Albot is an introducer and technology platform, not a lender and not a broker. Applications may be passed to Loan.co.uk Ltd, which acts as a credit broker, not a lender. Rates are subject to status, affordability checks and lender criteria.