Borrow differently. Borrow differently.
Secured Loans
Secured loans may allow you to borrow more, often giving you a lower interest rate than unsecured loans.
This won’t affect your credit score
A secured loan is money that you borrow that's tied to a valuable asset, such as your house or another property. When you take out a secured loan, you put up your home as collateral. This means there's less risk involved for your lender. As a result, you typically get access to lower interest rates and higher borrowing limits.
Secured lending works in much the same way as other types of loans:
If you're confident in making repayments and looking for flexible rates and terms, we can help. We can compare around 600 secured loan products, so we're well-placed to find an option that suits your needs.
“Like any form of borrowing, secured loans have pros and cons. The key factor here is that the loan is secured against your property, so lenders are often more willing to offer higher loan amounts than with an unsecured loan.”
“That said, it’s vital to be sure you can afford the repayments. If you fall behind on your payments, your home may be at risk of repossession.”
Specialist in secured lending and complex cases, with extensive experience supporting customers across complex borrowing scenarios.
Specialist in secured lending and complex cases.
Before you take out a secured loan, it’s important to do your research. Borrowing money can give you access to the funds you need to pay off debts or make a big purchase. But, it means you need to be confident you can make monthly repayments towards paying off the loan. Before you take out a secured loan, it’s important to do your research. Borrowing money can give you access to the funds you need to pay off debts or make a big purchase. But, it means you need to be confident you can make monthly repayments towards paying off the loan.
Not every situation requires the same kind of loan. There are two types of loans available, each with unique features to suit different circumstances.
A secured loan is where you borrow money secured against an asset –usually your home. If you don’t keep up with your repayments, you may lose the asset you used to secure the loan.
With an unsecured loan, sometimes known as a personal loan, the money you can borrow is determined by your credit score. It won’t be secured to any of your assets in the way a secured loan is.
Homeowners looking to raise funds might consider a remortgage or equity release. These options could offer lower interest rates, especially if you're no longer tied to a fixed-rate deal or are on your lender’s standard variable rate (SVR). However, they’re not always suitable depending on your circumstances and a secured loan may be a more practical alternative in some cases.
You can use personal secured loans for any purpose, but your lender might want to know what your intentions are. People tend to apply with a specific, large project in mind, such as:
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Before applying for a secured loan, it’s worth understanding what lenders look for. These factors affect how much you can borrow and whether your application is approved.
Lenders will assess your income and outgoings to ensure you can afford the monthly repayments. They may also ask about any existing debts.
Your loan-to-value (LTV) ratio is important too. The more equity you have in your home, the less risk for the lender — which can lead to better rates and higher borrowing amounts.
You don’t need perfect credit, but lenders will check your history, including any missed payments or CCJs. A stronger credit profile could help you access more competitive deals.
It’s also helpful to have a clear loan purpose in mind, as some lenders have restrictions on what their secured loans can be used for.
Every lender has their own criteria, including your income, credit score, equity, and loan amount. For more details, visit our guide to loan eligibility.
Applying for a loan with Norton Finance is easy and hassle-free. Simply:
At Norton Finance, we can help find a loan that suits your needs as compare hundreds of loan options, not just one like a bank or building society.
You could borrow between £3,000 and £500,000, over 1 to 30 years, depending on what works best for you. Unsure of how much you can afford to borrow? Try our secured loan calculator.
You can get a decision in principle within 24 hours and if approved, the money is usually paid within 14 days.
Apply for a secured loan
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Once you’ve begun your secured loan application online, we’ll be in touch by phone to go over a few details. We’ll ask for further information, including:
We’ll likely also discuss what you plan to use the loan for. Most importantly, we’ll need to gather some information about your home. You would only qualify for a secured loan if you’re a homeowner.
To make our call with you move as quickly as possible, it would help to have some details of your current financial situation to hand. Recent bank statements, payslips and a mortgage statement would all be useful in case anything comes up that we’d like to know about you.