What is a Secured Loan or Second Charge mortgage?

A secured loan is money you borrow that is secured against an asset you own, usually your home. The interest rates tend to be higher than a mortgage but cheaper than an unsecured personal loan. It is important to understand how secured loans work and what could happen if you can't make the payments. 

There are different names for secured loans, including: 

  • Second mortgages or second charge mortgages
  • Home equity or homeowner loans
  • Debt consolidation loans (although not all debt consolidation loans are secured)


Why would you want a secured loan?


  • You are already on a competitive mortgage rate
  • You are tied into your current mortgage with heavy redemption penalties
  • You have an interest only mortgage
  • You need a larger sum over a longer term to bring the monthly cost down
  • You need funds quickly with no upfront fees to pay
  • Your credit status has changed since your last mortgage application
  • You need early settlement flexibility
  • You need to raise capital for a non-traditional purpose
  • You are unable to obtain a re-mortgage or further advance
  • Soft credit searches at quotation stage is important

If any of the above relates to you, then please contact us for further advice and assistance on finding a secured loan to help your circumstances.


This service will be referred to a 3rd party