Choosing a secured loan is often the first choice for many people as it provides an affordable option with competitive interest rates as the loan is being secured against an asset. Secured loans are also available over a longer term than say unsecured loans, which can help to keep monthly repayments low and manageable. Choosing a secured loan as an alternative to remortgaging is popular where for example there are high redemption penalties on the current mortgage, where fast completion is required, or where income multiples on a remortgage do not fit. Most lenders will base the amount that you can borrow on the available equity in your home, and some lenders will even permit borrowing over 100% LTV (loan to value).

The best competitive rates are often available to people who have a good credit rating and history, however secured loans are also suitable for people with a poor credit rating and history providing they are homeowners. It is usually possible to find a lender who will agree to the loan, although the interest rate may not be as competitive as for someone with a better credit history.

The decision to take out a secured loan, however, must be taken carefully and here at First Loans UK, our priority is to make sure we find the best loan to suit your personal circumstances. The warnings on this web site are clear that you should "think carefully before securing other debts against your home.." as if you do not keep up the repayments on the loan (or indeed mortgage or any other loans) secured on your property, then your home may be repossessed, so it is important to be absolutely sure you can comfortably afford the monthly repayments.

To apply for a secured loan, you must be a home owner. All loans are subject to status. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.