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Secured Loans

Secured loans allow you to borrow more, and at lower rates, than unsecured borrowing.


If you’re thinking of applying for a secured loan, you’ve come to the right place. Norton Finance has access to over 600 financial products spanning the full loans market. That means we’re well positioned to identify the perfect loan for you and your circumstances, both personal and financial. Secured loans allow you to borrow more and at better rates than unsecured borrowing, which is what makes them the preferred option for many.
  • Massive choice

    We search the market from over 600 plans.

  • Flexible terms

    You can choose to spread the cost over any term from 1 to 30 years.

  • Here to help

    Even if you have a poor credit history or CCJs, are self-employed or even retired.

Looking for a larger amount?

Alternatively, call FREE on 0800 694 5566 Open 24 hours a day.

Homeowner rates, from 2.9%

2019 Gold Feefo Trusted Service Award

We’re a broker, not a bank, so we can search wider to find you the best products. So you get more choice not more rejections, even if you have a bad credit history. And that’s more than any bank can offer.

What is a secured loan?

A secured loan is a type of loan guaranteed by a specific asset that you own, such as your home or car. Whatever the asset, taking out a secured loan usually means you can borrow more money than you would otherwise have been able to.

Potential lenders will see you as a more reliable borrower if you have an asset against which a loan can be secured. However, if a borrower consistently struggles to make repayments, and can’t repay the loan, the asset in question may be used to cover the outstanding debt by lenders as a last resort option. In keeping to your repayment schedule and not borrowing more than you can afford to repay, your assets are simply a means to taking out the money you need, and will be completely unaffected by your loan.

Difference between secured and unsecured loan

Secured and unsecured loans offer potential borrowers two quite different ways to access the cash they need. Only those who own their own home or other asset can access secured loans. Borrowers in this position can typically access better interest rates and potentially borrow larger amounts.

Unsecured loans are most easily accessed by customers with a strong credit rating – these borrowers are seen by lenders as a low risk, and so don’t need to offer the security of an asset to support their loan.

Benefits of choosing a secured loan

With a secured loan you’ll often find that repayment periods are longer, interest rates are lower and credit amounts are higher. This is because the lender has a substantial asset to secure the loan against, reducing the risk of loss in the case of missed repayments.

Secured loans vs equity release

Customers who own their home may consider equity release as a way of raising money. Here a lump sum or regular income is paid out by the lender; in return, they take possession of a percentage of your home, and get their money back when the house is sold.

A secured loan on the other hand uses your property as security to borrow on, and isn’t sold. For more information on equity release, why not give us a call.

Can I get a secured loan?

If you’re applying for a secured loan with poor credit, or wonder if your age or employment status will be a factor, we can help. We’ve found the ideal loan product for customers from all walks of life; be they retired or unemployed, self-employed or subject of CCJs. So get in touch to find your ideal loan.

Find out more about secured loan eligibility in our dedicated guide.

What can I use a secured loan for?

You can use a secured loan for any purpose - the money is yours to spend as you see fit. However, most people who take out secured loans do so with a specific, large project in mind.

Home

Home improvement

Borrow to raise the funds for the materials you need to redecorate, or perhaps build an extension.
Heart

Wedding

Keep your plans on track with a loan, so everything’s as perfect as can be for your big day.
Car

New car

If your set of wheels has seen better days, think about applying for a new car loan.
Holiday

Holiday

Get away from it all by borrowing to raise the funds to visit your dream destination.
Money

Debt consolidation

Improve your monthly situation by borrowing enough money to repay your other loans, and repay at one fair rate.

Applying for a secured loan

Before applying for a secured loan, you should first check you’re not borrowing more than you can afford to pay back. Falling behind on repayments could mean losing what you’ve borrowed against – your home, car or another important asset. Our loan calculator can help you work out an ideal loan repayment plan.

Make sure your credit history is in good shape and your credit report doesn’t contain any error. Doing this will give you the best chance possible of getting the loan amount you want, at rates you can comfortably afford. Secured loans with bad credit may still be possible, but it helps to tidy up your credit report.

Take the time to search for more than one loan quote – Norton Finance can help with this, as we’re a broker not a bank. We’ll make an ‘in principle’ decision on your application within 24 hours of receiving it, and can make a direct payment within the following 48 hours.

What do I need to apply for a secured loan?

Once you’ve begun your application online, we’ll be in touch by phone to go over a few details. We’ll ask for further information such as:

We’ll probably also discuss what you plan to use the loan for. Most importantly, we’ll need to gather some info about your home – you would only qualify for a secured loan if you’re a homeowner.

In order to help the interview process 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 really useful in case anything comes up that we’d like to know about you. If you’re arranging a debt consolidation, details on the other loans you have would be good to know too, like outstanding balance, a typical repayment amount and how long you’ve had a loan for.

Secured loans from Norton Finance

Norton Finance is an excellent choice for anyone looking to take out a secured loan. We can find a loan that corresponds to your personal financial situation and your individual needs. And, because Norton is a broker rather than a building society or bank, we can scour the full market for exactly that.

With access to around 600 products, we can find something that suits your needs. The flexibility of the loan products we find will let you borrow from £3,000 to £500,000, over almost any period between 1 to 25 years.

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.

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