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  • Secured loans from £10,000 – £250,000.
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“I can highly recommend the overall service. Loan.co.uk gave the best offer and sorted everything for me on a very professional basis. Cannot praise them enough.”

Mrs Marks | verified client

Free homeowner loan quote now

  • Secured loans from £10,000 – £250,000.
  • See loans from 120+ lenders
  • Loans available for bad or adverse credit
  • 1000+ 5 star reviews from happy customers
  • No upfront fees, hidden costs or charges
  • 1-to-1 advice direct from friendly advisors
  • We’ll cover all property valuation costs, whatever loan you choose

“I can highly recommend the overall service. Loan.co.uk gave the best offer and sorted everything for me on a very professional basis. Cannot praise them enough.”

Mrs Marks | verified client

Virgin Money
Barclays loans
Santander Loan
Shawbrook Bank secured loan
Paragon secured loans
Together finance
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Whether you need a homeowner loan or a mortgage on a property, all our quotes are free and given with pleasure.

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Our lending partners and loan.co.uk use a soft search to check eligibility, so there is no effect on your credit score.

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Tell us what you need, fill out our online application form to get finance

Find loans you’re eligible for, whatever your situation

Our smart algorithm will search over 6000 loans from across the entire market — including exclusive deals you won’t find anywhere else — to let you know all of your options, all in a matter of seconds

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Choose the best deal from thousands of options

All you need to do is tell us a little bit about you and what you’re looking for and we’ll narrow down the results to just the loans you’re eligible for.

Our lender will give you a quick call to discuss the secured loan

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Getting a quote doesn’t affect your credit score in the slightest, so you can find out what your options are without having to worry about damaging your chances of being accepted. 

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A. Haywood

5 pink stars
“Highly recommend. Extremely helpful and supporting all the way through the process, we are extremely thankful for making this happen for us.”

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Mrs Marks

5 pink stars
“I can highly recommend the overall service. Loan.co.uk gave the best offer and sorted everything for me on a very professional basis. Cannot praise them enough.”

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Charles

5 pink stars
“Massive thanks to all at Loan.co.uk for finding me a very competitive remortgage. Incredibly helpful throughout the whole process.”

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What is a homeowner loan?

A homeowner loan (second charge mortgage) is a loan available to homeowners only. It enables you to borrow money against the value of your property as long as you have equity in it. This type of loan can enable you to borrow more, over a longer term and at a lower interest rate than an unsecured loan (such as a personal loan). This can mean lower monthly payments. They can be a great alternative to a remortgage. Especially if you’d face penalties for repaying your current mortgage, if your circumstances have changed or the rates on offer are higher than that you’re already paying.

A homeowner loan can be used for almost anything. Many people use homeowner loans to consolidate debt (pay off lots of loans and credit card balances) or to make home improvements.

Your mortgage and homeowner loan are completely separate, so any mortgage deal you have in place isn’t affected. But remember that your mortgage and your amount of equity in your property might affect how much you can borrow with a homeowner loan in the first place.

How does a homeowner loan work?

Homeowner loans are a type of secured loan that is secured against your property. This means that the property is used as collateral.

Homeowner loans are often taken out in addition to an existing mortgage. This means that the mortgage is the first borrowing against the property, known as the ‘first charge’, with the homeowner loan as the second borrowing or ‘second charge’. That is why homeowner loans are sometimes known as ‘second charge mortgages’ or ‘second mortgages’. They are also known as home equity loans, as they use your home’s equity (the value of your interest in your home) as collateral.

How much can I borrow with a second charge loan?

You can borrow between £10,000 and £10,000,000.

You can usually borrow up nearly the amount as you have equity in your property. ‘Equity’ means the proportion of your property that you own outright, free and clear of a mortgage or other loans secured against it. A secured homeowner loan usually offers flexible repayment terms, so you could choose to spread your repayments over a longer period than is usually possible with an unsecured loan.

Be sure to only borrow the amount you need and over the shortest time period you can afford, as a secured loan is secured against your home, so if you miss repayments it could put your property at risk.

Do I need a deposit for a homeowner loan?

No, you are not using the loan to purchase an asset, such as with a mortgage, so a deposit is not required.

What will lenders look at when deciding if I’m eligible for a homeowner loan?

Typically, they will look at your credit history and credit score, but in this case, because the loan is secured on your house, the lenders will also want to know the value of the property and the sum still outstanding on the mortgage (if anything) and whether there are any other loans secured on the property.

What would I use a secured homeowner loan for?

A homeowner loan, sometimes known as a second charge mortgage or a secured loan, can be used for almost anything. The most common reasons are debt consolidation, home improvements or large personal purchases.

If you’re looking to consolidate your existing debts, such as credit cards and high rate loans, you can take advantage of a lower interest rate and cut the amount going out on monthly repayments.

Why would I choose a secured homeowner loan?

The rates are normally very competitive and if you are a homeowner and need to borrow more than about £35,000 then a lender would normally want security to make sure they get repaid.

As the equity you have in your property is used to guarantee your repayments, homeowner loans are a good option if you have a poor credit history or are self-employed and would otherwise struggle to get approval for a large loan at a good rate.

How is the second charge mortgage repaid?

As with most types of loan, the repayments will be collected automatically via Direct Debit. The interest rate and amount will typically be fixed for the duration of the loan, making it easy for you to budget for it.

How long is the repayment period?

Just like mortgages, homeowner loans offer long-term borrowing. At Loan.co.uk, homeowner loan terms range from five to 35 years.

What happens if I can’t repay the loan?

You could reach out to the lender to explain why you are having problems repaying the loan. Based on this, they may work with you on a suitable repayment plan. But, if you don’t work with the lender and continue to miss payments, they could repossess your home as a last resort. That is because with a homeowner loan, you are essentially promising to use your property to pay the money back if you cannot make the repayments.