Secured loans range from £7,500 to £250,000. The maximum loan to value the lender will offer is around 80% of the value of the property. However if you have adverse credit the lender will only in most cases go to 70% of the loan to value. The loan to value is a calculation of the value of the property less the outstanding balance. The secured loan is then added to the mortgage outstanding balance. This is then calculated as a percetge and this is the loan to value. Secured loans terms range from 5 years to 30 years. The interest rate is often a little higher than a standard mortgage.

Most high street lenders offer secured loans but the best place to get a quotation form is a secured loan broker. These brokers have coverage of the whole market and there job is find you the best deal.

 

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