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Secured loans

Compare our best secured loan deals

  • Borrow up to £100,000 against your home

  • Compare tailored loans with our specialist partner, Fluent Money

  • Get a secured loan deal in minutes

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MoneySuperMarket is a credit broker not a lender. You must be 18 or over and a UK resident. Your home is at risk if you do not keep up with repayments.

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We’ve partnered with Fluent Money to find you a great deal

Our specialist loans partner Fluent Money will help you find the right secured loan to suit your needs.

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What is a secured loan?

Secured loans - sometimes called homeowner loans, second-charge mortgages or home loans - let you borrow money while using a valuable asset as collateral. People usually put up their property as collateral when borrowing with a secured loan. With these loans, if you can’t keep up with repayments, then the lender can sell your house. So you should think carefully before taking out a secured loan. 

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How do homeowner loans work?

Secured loans are straightforward to apply for and once approved you’ll usually receive the money direct into your bank account. Here’s how the process works: 

  • Search for the best deal

    There are a range of secured loan options available. MoneySuperMarket helps by asking a few simple questions to show you loans tailored to your financial situation. 

  • Apply for the loan

    When happy with your loan choice, including the amount you’ll borrow, the interest rate and any fees, you can apply online. Fluent will then contact you to discuss your options and find out more. 

  • Get approved and receive your money

    Once your application has been approved, the lender will send the requested amount – usually within a few days – to your nominated bank account. 

  • Pay back the loan

    You’ll then start making fixed monthly payments, including interest, for the agreed length of the loan. Once you have made the final payment, the loan is cleared. 

How much do people borrow on average?

MoneySuperMarket customers take out loans for many different reasons - here's the average loan amount by use case from April 2024.

Loan Reason

Average Loan Value

Home Improvement

£13104.24i

Debt Consolidation

£12216.74ii

Buying a Car

£12821.25iii

Wedding

£9689.66iv

Holiday

£4207.31v

Based on the average loan amount from enquiries made on MoneySuperMarket in April 2024.

What are the pros and cons of secured loans?

There are advantages and disadvantages to taking out a secured loan in the UK. These include: 

  • Tick

    Advantages

    • You can get the money you need relatively fast 

    • A homeowner loan could cost less in interest repayments than an unsecured loan 

    • You might be able to borrow more than you could with an unsecured loan 



  • Cross

    Disadvantages

    • As with all loans, you’ll pay back more than you borrow 

    • You risk losing your home if you can’t keep up with repayments 

    • The loan might be more expensive if you have a bad credit score 

    • If you pay off the loan early, you may have to pay an early repayment charge



Use our loan calculator to get a rough idea of how much a loan could cost.

Loan calculator

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Your monthly repayment will be

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You could afford to borrow up to

The total amount repayable will be , therefore the loan will cost you

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Calculate and compare loans: Find out how

Why compare secured loans with MoneySuperMarket?

  • It's quick and simple

    We’ll ask you a few questions about what you need the secured loan for and how much you’re looking to borrow and run a quick ‘soft search’ that won’t harm your credit rating. 

  • Compare deals from across the market

    We’ve partnered with Fluent Money to bring you tailored loan deals from leading UK lenders, helping you borrow what you need for the lowest rates possible. 

  • It won't harm your credit score

    Comparing loans with us won't harm your credit score as we only carry out a soft search. We'll also show your chances of being accepted for a loan.

How do I choose the best secured loan? 

The best secured loan for you will depend on your financial situation, but here’s how to ensure you snag a competitive deal: 

  • wallet icon

    Realistic repayments

    Whenever you take out any type of loan, you’ll have to repay the lender. It’s important to make sure you can afford the repayments on a secured loan because if you’re unable to do so you run the risk of your house being repossessed.  

  • Interest rates

    Secured loans tend to have a variable interest rate, so you should think about if the loan will still be affordable if rates go up. You should also factor in APR when comparing loans as this can give you an idea of how much the loan will cost you. 

  • Loan length

    Think about how long the loan term will be. Generally, shorter loan terms will have lower interest costs, but the monthly repayments will be higher. If you opt for a longer loan term, then you’ll pay more interest but lower monthly payments. 

  • Compare deals

    When you compare a loan with MoneySuperMarket, we highlight the important information for you such as the cost per month and APR. You can even sort loans by the likelihood of you being accepted or the interest rate.  

Can I get a homeowner loan with bad credit?

If you have a bad credit score, it can make it harder to be approved for a loan but not impossible. Because a secured loan is tied to your property, creditors are less worried about losing their money if you default. 

Taking out a secured loan and making all your repayments could even improve your credit score, making it easier to get credit in the future. But you should keep the risks in mind: if you hit financial difficulties and you can’t pay back what you’ve borrowed, it’s possible you’ll lose your home. If you’re looking to improve your credit score, a  credit-builder credit card could be a good to start. 

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Your credit score plays a part in the deal you get

When you apply for a loan, the lender will use your credit rating to decide whether to accept you, and what rates to offer you. Find out where you stand with our free Credit Monitor tool

Credit Monitor
Victoria Russell

Our expert says

"

As the name ‘secured loans’ suggests, you’ll have to put up security to get a secured loan. All secured loans offered on MoneySuperMarket are secured against your home, so think carefully before you commit to borrowing and make sure you’re confident you’ll be able to meet repayments. If you are, then secured loans offer many benefits, including borrowing larger sums and getting lower interest rates than unsecured personal loans.

"
- Victoria Russell , Money & Personal Finance Expert

How to apply for a secured loan with MoneySuperMarket

See personalised deals and find the right homeowner loan for you

  • icon-new-account-110

    Tell us about yourself

    We’ll need to know a bit about you. Register yourself as a homeowner to see secured loans in the results. 

  • icon-search-save-110

    We’ll browse the market

    We’ll show you loans you’re eligible for – if you choose a secured loan you’ll need to register your interest with our partner Fluent. 

  • icon-scales-110

    Weigh up your options

    Fluent will contact you to discuss your secured loan options. Once you’ve decided on a loan you can make your full application

Secured loans can be easier for people with lower credit scores to get. Certain loan providers will be more inclined to lend money to someone with bad credit if they’re putting up a security. 

That depends on the provider, but while lenders might be prepared to offer secured loans to a wider range of customers, it is definitely possible to have a credit score that’s so low you won’t be considered for this kind of loan. If you’re at that stage, you should seriously reconsider borrowing any more money.

You get a secured loan in the same way as other loans: by making an application to a loan provider. This will require you to provide some details about yourself and your finances. If you’re approved, you should receive the money in a few days

If you take out a secured loan and manage to meet all of your monthly repayments in full and on time, you might see your credit score improve over the course of several months. 

A secured loan isn’t necessarily the best way to improve your credit score however. Consider a credit-builder credit card if that’s your goal.

You may be able to pay off a secured loan early, but this will depend on your loan provider. Some lenders may charge an early repayment fee.

An unsecured loan is certainly a less risky proposition than a secured loan as there’s no collateral on a standard personal loan. However, if you need a substantial sum of money and you’re certain you will be able to make your repayments, a secured loan might be more suitable.

Of course, you should consider the APR you are offered by your lenders as well: a secured loan with a lower APR might be a better bet than an unsecured loan with a high APR.

It might be possible to get a secured loan against the value of your vehicle with some providers – but currently, MoneySuperMarket only compares secured loans for homeowners. This means your collateral has to be a house or a flat. 

There are plenty of providers that will allow you to borrow money against your pension fund – this is known as a pension loan. At the moment, MoneySuperMarket doesn’t compare pension loans, but you can find out more about your options by talking to a financial advisor.

You might be eligible for a homeowner loan if you are aged 18, a UK resident and own property. The final decision will come down to the loan provider, who will also undertake financial checks for affordability and your credit rating. 

If you’re looking to borrow but don’t want to take on a homeowner loan, then there might be a few alternatives. These include: 

Unsecured loan A personal loan where you don’t have to put up security to be approved. Although you won’t lose your home if you can’t repay it, you might not be able to borrow as much and the APR might be higher 

Credit card If you can pay back the money you need quite quickly, applying for and using a credit card could be an option. Look for 0% or low interest deals, so you don’t get caught paying high interest 

Remortgage If you have a mortgage on your existing property and have built up equity, rather than take out a second secured loan or ‘charge’ against it, you could consider remortgaging. This means increasing and sometimes extending your existing mortgage term to release the funds you need. 

A secured loan is taken out against a valuable asset, e.g. your home, while an unsecured loan isn’t. Both loans will take your credit history, financial and personal circumstances into account, however with an unsecured loan you won’t need to put down collateral.  

The exact cost of your secured loan will depend on the deal you’re offered. One of the costs of a secured loan will be the interest you pay over the loan term. You may also face additional fees such as origination fees, appraisal fees (to assess the value of your home), legal and admin fees.  

  



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