Secured Loan FAQs
Please click below for the answers to our most commonly asked questions. If you can't find the information you need, call us free on 0800 694 5566 and one of our advisers will be happy to help.
Can I transfer a secured loan to another property?
Some lenders might allow you to transfer a loan to another property, while others won’t. Fees may apply, and you would still be expected to keep up repayments during the transition period.
Does negative equity affect my loan?
It’s possible that negative equity will affect the status of a loan secured against your property. Loans on a property following its sale are discharged in order of their being taken out. If the proceeds of a sale don’t cover a mortgage then this will take priority. Get in touch with us to find out more.
How does a secured loan affect my tenants?
If you’re a landlord, a secured loan might affect your tenancy agreement. Read our guide to secured loan eligibility to find out more.
How much can I borrow?
You can borrow from £3,000 to £500,000 through Norton Finance and our trusted panel of secured loan lenders.
How long are the repayment terms?
Choose anything from 1 to 25 years, to ensure you are comfortable as possible with your repayments.
What are the interest rates?
Interest rates will vary depending on your financial history and current circumstances. Homeowner rates start at 3.65%.
Are there any loan fees?
We’re a broker, not a bank. We receive a commission from the lender upon completion of a loan. We may also charge a broker fee of up to 12.5% of the loan amount borrowed, capped at £3995. We do not charge broker fees on unsecured loans.
Can I pay off a secured loan early?
You can pay off the outstanding balance on a secured loan at any time. However, many lenders will charge an Early Repayment Fee for doing so – typically calculated based on the interest that won’t accrue by being paid off early. It might make early repayment a less desirable outcome, so make sure you can afford the repayments from the outset.
Can I take a break from paying back my secured loan?
Some lenders may offer you the chance to take a ‘payment holiday’ on your secured loan. However, you should make sure this won’t change your financial situation before agreeing to their terms. Payment holidays might show up on your credit report, so it’s important to discuss it first.