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Secured loans

Secured loans may allow you to borrow more, often giving you a lower interest rate than unsecured loans.

With a secured loan, you may be able to borrow a larger sum of money with a longer repayment period than other types of loans. We can help you find the right loan to suit your situation, and are always just a phone call away.
  • We search the market and compare over 600 loan products to find the best option for your unique circumstances

  • Secured loans often offer a lower interest rate than other methods of borrowing

  • Searching for a loan with Norton Finance uses a soft search, which won’t affect your credit score

  • These loans can be used for most purposes, including home improvements, debt consolidation or business needs

  • Making regular repayments on time could improve your credit score in the long term

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What are secured loans?

A secured loan is a type of loan that is guaranteed by a specific asset that you own, such as your home or other property. Taking one out usually means you can borrow more money than you would otherwise have been able to at a lower rate of interest.

This is because potential lenders may see you as a more reliable borrower with less risk attached.

How do they work?

Every type of loan has its benefits and drawbacks. When you get a secured loan offer from a lender, you should be confident that you can afford to make repayments as scheduled or risk losing your home.

As the loan is ‘secured’ against the value of your property, lenders are likely to be more confident to lend you a larger sum of money than they would with a personal or unsecured loan.

If you’re confident you can keep up with the repayments and want some flexibility in rates and terms, we may be able to help. With access to around 600 loan products, we can find something that suits your needs and offer you a free no obligation quote today. Check out our secured loan calculator to get an idea of what you can borrow.

Advantages of choosing secured borrowing

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 they face in the case you miss a repayment.

It will also allow you to keep your existing low-rate mortgage product, which may attract early repayment charges if you settle it too soon.

Disadvantages of getting a secured loan

If you regularly struggle to make repayments or can’t repay the loan, the property you secured the loan against may be used to cover the outstanding debt by lenders.

In addition, borrowing a larger amount over a longer period could mean you pay more interest in the long run. It’s important to consider what you can afford before you apply.

Difference between secured and unsecured loan

These are two quite different ways to access the cash you need. Only those who own their own home can access secured loans. In this position, you can typically access better rates and potentially borrow larger amounts.

Unsecured loans are more easily accessed if you have a strong credit rating. Lenders see these loans as lower risk, so don’t need the security to support a loan application.

Find out more about the differences between secured and unsecured loans.

Secured loans vs remortgage or equity release

Customers who own their home may consider a remortgage or equity release as a way of raising money. This would involve paying off your existing mortgage, which may result in a lower interest rate if you are not in a fixed rate period or on the mortgage lender’s standard variable rate (SVR). However, if you are still on a fixed low-rate product, you may face an early repayment penalty.

Your existing mortgage lender may refuse additional borrowing, especially if your circumstances have changed since taking out your original mortgage. Also, if you want the money quickly and do not have time to instruct the solicitors required for a remortgage, then you may find a secured loan to be a preferable option. It is important to always take advice from a reputable mortgage or loan broker to help you decide which is the right option for you.

Is a secured loan right for me?

Before you apply for a secured loan, there are some things you’ll need to think about to give your application the best chance of being approved by a lender.

Regular income and outgoings

A lender will need to know whether you can afford the monthly repayments on a loan secured by your home. They’ll ask about your income, expenses and debts.

Your loan-to-value ratio

The more equity you hold in your home, the less risk lenders will face. This could mean lower rates on your repayments. Simply put, the more equity you have, the more you can potentially borrow.

Your credit history

You don’t need a spotless credit report to get a good rate, but lenders will usually want to see your borrowing history and any CCJs.

The purpose of your loan

Some lenders may have a defined list of acceptable or unacceptable purposes, so it’s preferable to have a clear purpose in mind when you apply.


Lenders take several factors into account when deciding if you’re a good fit for a loan product, including:

Take a look at our article on loan eligibility for further advice on whether you can apply for a personal secured loan.

Does credit score matter for a secured loan?

Credit history isn’t everything, but it is important. With loans secured on property, your credit score isn’t the only factor considered. Keep in mind that a better credit score might mean a lower interest rate.

Representative example

SECURED LOANS - Rates start at 6.59% variable. We also have a range of plans with rates up to 36.6%, giving us the flexibility to help you find a loan that suits your needs.

Representative example: if you borrow £34,480 over 10 years, initially on a fixed rate for 5 years at 7.60% and for the remaining 5 years on the lenders standard variable rate of 8.10%, you will make 60 monthly payments of £467.50 and 60 monthly payments of £473.06.

The total repayable would be £56,528.60 ( This includes a lender fee of £595 and a broker fee of £4137) The overall cost for comparison is 11.3% APRC representative.

The maximum APR is 36.6%.

What documents do I need for a secured loan?

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.

Loans from Norton Finance

Norton Finance can help find a loan corresponding to your own financial situation and your personal needs. And we compare loans rather than offering just one product such as a building society or bank, we can check the full market for exactly that.

The flexibility of the loan products we find means you can borrow from £3,000 to £500,000, over any period between one and 30 years.

When you send your application, we’ll make an ‘in principle’ decision within 24 hours. You’ll get a direct payment in around 14 days. See our secured loan calculator to discover how much and for how long you can afford to borrow, and adjust the sliders to meet your ideal terms.

Loan details

With access to around 600 products from our panel of lenders, we offer flexibility and a straightforward loan process. There’s plenty of variety around maximum loan amounts and repayment terms, giving you control of your financial future.

Frequently asked questions about secured loans

Can I transfer a loan secured against a property 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.

How does a loan secured against property affect my tenants?

If you’re a landlord, a secured loan might affect your tenancy agreement. Read our guide to loan eligibility to find out more.

Can I pay off a loan early?

You can pay off the outstanding balance on a loan at any time. However, many lenders will charge an Early Repayment Fee. Depending on the size of the loan, this might make early repayment a less desirable outcome, so make sure you can afford to stick to the repayment plan from the outset.

Can I take a payment break?

Some lenders may offer you the chance to take a ‘payment holiday’ on your 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 with your lender first.

Will it affect my mortgage?

In most cases, no. Your secured loan lender will likely need permission from the mortgage lender before they can place a charge on the property. But apart from that, provided you keep up with the repayments on both, a secured loan won’t affect your mortgage.

How easy is it to get secured loans with bad credit?

Not all lenders in the UK accept people with bad credit histories. This means there are fewer options for a secured loan with bad credit. But they are available, and if you make your payments on time, you can improve your credit score. In general, it’s easier to find unsecured loans with bad credit, for smaller loan amounts below £5000.

Are business loans secured or unsecured?

Secured and unsecured business loans are available to help you get your company off the ground or to expand. As with normal loans, unsecured business loans offer higher interest rates, but they’re not usually secured against an asset.

What can I use a secured loan for?

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:


Home improvement

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


Keep plans for your big day on track with a secured loan.

New car

If you’re looking for a new set of wheels, find a car loan at rates to suit your situation.

Debt consolidation

Improve your monthly situation by borrowing to settle your other loans and repay at one single rate.

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