Secured Loans
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Transparent and clearer choices
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Substantial capital access
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Check eligible rates in minutes
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Streamline decision-making
Transparent and clearer choices
Substantial capital access
Check eligible rates in minutes
Streamline decision-making
Can you get loans for larger expenses by using your property as security? Yes, it is possible for eligible homeowners, but approval is subject to eligibility and affordability checks. You can pre-qualify with Extramilefinance and compare secured loans.
This will help you assess if borrowing is affordable or not. Lending risk gets balanced when assets are involved. However, the important trade-off for you here is that it increases the risk to your property.
Your home may get repossessed if you fail to make regular repayments. Check your eligibility today to receive a transparent decision tailored to your individual financial situation.
Here, the borrowing process lets you tap into larger amounts over longer terms against security you pledge. For this reason, the process will include a few extra steps.
Yes, if you have an active mortgage in place, you can borrow additional money through 2nd charge secured loans. This funding arrangement does not require you to replace the current mortgage. This process involves the aspects below, such as:
Your home will still be at risk since you have secured funds against it. Maintaining repayments is very important.
Finding the best secured loans in the UK requires you to align your financial objectives, property value and credit situation with the lending requirements. Follow the steps below to select the best opportunity.
In the UK, your financial situation, credit history, borrowing amount and repayment tenure will decide how much interest rate will be charged. The involvement of a home as security can help in getting lower rates in some cases. However, lower rates cannot guarantee that the total cost of the loan will be low.
These two loans differ in various ways. Understand these differences to decide which one can offer better rates.
| Homeowner loan | Personal loan |
|---|---|
| Borrow money against property | Usually, borrow money as unsecured funding |
| Lower rates might be accessible regardless of credit history | Competitive rates of interest may be accessible for a stronger credit profile |
| Borrowing a larger amount, based on equity and affordability may be possible | Usually suitable for smaller borrowing requirements |
| Repayment term may stretch up to a few years | Repayment of loans happens within a shorter term |
| Monthly payments may be smaller | Monthly payments are going to be larger |
| Your property will always be at risk until payments are completed | There will be no risk to your property |
Having poor credit does not prevent you from applying for these loans. There are some lending requirements, which should be fulfilled before you apply.
Establish your homeownership with proper documentsShow that your property has sufficient equity to support the borrowing amountDemonstrate that you have enough disposable income to repay smoothlyProvide valid income proofs like payslips, bank statements, etc.Meet the minimum age and UK residency criteriaspan>Produce necessary documents for identification, address and financial informationYes, possible, but approval may be difficult. Extramilefinance needs to have a wider look at your overall financial picture by considering the following things:
The size and age of your County Court Judgment or defaultWhether the debt is settled or still outstandingYour income and affordabilityProperty value and accessible equityAmount requested and LTV ratioRecent payment historyAn active CCJ or default will have a strong impact on the interest rates. Provide valid information about your present financial standing while submitting your application.
Based on the maximum LTV criteria, your credit history, income, and total affordability, the amount of equity is determined. A stronger application makes way for a higher LTV, and vice versa. Here is a table to help you understand.
| Credit profile | Indicative maximum LTV | Necessary equity(approx.) |
|---|---|---|
| Mild or historic credit problems | Up to 85% LTV | Around 15% |
| Active CCJs | Up to 75% LTV | Around 25% |
| Severe credit issues or complex income | Up to 65% LTV | Around 35% |
A higher LTV may result in higher borrowing costs and risks. Always keep an eye on repayments, which should be sustainable for you.
Yes, you can consider using a homeowner loan for debt consolidation purposes. Since you will be using your home as security, you can borrow a larger amount. You can even spread repayments over months. Here are some clear benefits of doing this.
However, this arrangement might not work suitably for every borrower. Repayments will keep going on for years, and your home will be at risk.
These loans are going to take longer because additional checks need to be conducted. We must do a property valuation and affordability assessment before making any decision. Moreover, timescales may vary depending on the intermediate steps, such as the application process, etc.
Actual time length may vary according to the documentation process, individual conditions and lending requirements.
When you apply for a secured loan through direct lenders, you take the direct route to getting loans. No intermediaries will be involved. Your personal sensitive information will not go through unreliable broker networks. Here are some of the additional benefits.
You can take out an amount that aligns with the value of your property, existing mortgage (if any), income, expenses, credit score, loan-to-value, and lending criteria. Since this is a secured borrowing option, the loan range will be higher to match any sizeable financial need.
With us, you can take advantage of fixed interest rates. As a result, the monthly payments will remain fixed throughout the term. You will have to pay the same amount every month. However, fixed or variable interest rates cannot determine whether you can get a cheap secured loan or not.
No, this will be a soft search done on your financial profile. This will not be visible in your credit records. For this reason, your credit scores will not face any negative impact. A hard search can harm your credit rating and is done when you submit a full application.
As a responsible lender in the UK, we never ask our borrowers to pay us anything upfront in the form of application fees. Our fee structure will explain how interest rates and other legitimate fees, like property valuation or legal fees, are charged. No need to transfer fees before loan processing.
You must check the loan agreement, where early repayment possibilities have already been discussed. With us, you can pay back loans early without facing any additional charges. However, validate whether you can gather the overall amount, meant to be paid off over a longer term, before proceeding.
Yes, getting a secured funding solution by showing your self-employment income may be possible. You need to submit strong income proofs like tax returns, financial records, etc., to establish how much you earn and can repay within the given schedule. Rates and terms may be influenced when you have complex or variable income.
You must contact us immediately if you feel that you cannot pay back loans on time. We can discuss payment plans and other options. Missing repayments will cause your credit score to drop temporarily. At the same time, additional charges will be imposed for late payments.