Compare Secured Loans

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We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%

This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22

What is a secured loan? 

A secured loan, also known as a homeowner loan, uses your home as security against the debt. Secured loans can be useful for those with poor credit ratings, but you must keep up repayments or the lender might make you sell your home to recoup what you owe.

Advantages of a secured loan

Homeowner, or secured, loans are available for amounts of between about £5,000 and £125,000. This makes them a good choice for anyone keen to borrow a larger amount.

The headline interest rates on the top secured loans also start at between 5% and 6%, although the total borrowing cost will often work out higher.

Another advantage is that the fixed monthly payments should make your repayment plan easier to manage.

Disadvantages of a secured loan

The amount you personally can borrow via a homeowner loan will depend on your income, your credit score and your existing credit commitments, as well as the amount of equity available in your property.

Even though a lender offers loans of up to £100,000, you may only be able to borrow a fraction of that amount as a result.

As with personal loans, the interest rate you are offered will also vary depending on the state of your credit file.

Other disadvantages include that your property could be repossessed if you default on the repayments. That’s a hefty incentive to stay on track with your repayments.

Alternatives to a secured loan

An unsecured personal loan offering the chance to borrow up to £15,000 over five years, for example, is a popular alternative to a homeowner loan. Not only does this option avoid putting your home at risk, it may also come with even lower interest rates – if you can limit your borrowing to £15,000 and qualify for the market-leading deals.

However, borrowing more than £15,000 is more difficult – and often more expensive – via an unsecured personal loan.

The only real alternative for larger borrowers is therefore to look into remortgaging to free up some cash. Mortgage rates for those with a large deposit – or in other words a lot of equity – currently start at less than 2%.

But the downsides include potentially high upfront fees and the fact that remortgaging means paying interest for longer on the whole amount owed.

Finding the right secured loan

Secured loans deals, just like those available on other financial products such as credit cards and bank accounts, vary widely. When choosing a homeowner loan, shopping around for the cheapest deal is therefore the best way to ensure that you pay as little interest as possible.

You can do this quickly and easily by using the MoneySupermarket secured loans channel to compare hundreds of different loans from a wide range of lenders.

The Compare secured loans tool can speed up the process of finding the best deals for your circumstances even more.

Moneysupermarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.


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