A secured, or Homeowner Loan as it’s commonly known, is a loan that’s secured against your property. This means that the loan provider will place a second charge on your home, after your first charge which will be your mortgage company.

The money you can borrow is based on the equity in your home. As a Homeowner Loan is a secured loan, you could borrow more money than with a typical unsecured loan.

Secured homeowner loans are available in varying amounts and for many different purposes, including home improvements or exotic holidays. The amount borrowed is repaid monthly over a term agreed at the outset, which will usually be between three years and twenty five years. You may be charged a penalty if you repay your loan earlier than agreed.



Lenders charge interest on the amount you borrow, which is referred to as the APR (Annual Percentage Rate). The amount you can borrow, the term available and the APR offered will all depend upon the equity you have in your property, the lender's view of your ability to repay the loan and your personal circumstances; for example, any adverse credit. 

Subject to your circumstances, you may be able to borrow up to 80% of the property value. The APRs quoted by the lender will usually be typical rates. These act as a guide only; the exact rate offered will be on an individual basis. As a rule of thumb, it is advisable to compare APRs from different lenders to determine how competitive they are. 

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