If you require a loan of a more substantial amount, typically £10,000 plus, the cheapest way to get it is with a secured loan. These no broker fee loans are available to qualifying homeowners with an existing mortgage.
This webpage is leased to our direct lender. There are no broker fees at all to pay, just a £195 valuation fee for most standard properties. Loan-to-value ratios are up to 90%. Many types of less-than-perfect credit issues can be tolerated, especially if the loan is going to be used for debt consolidation.
The form below is part of the lender’s initial fact-finding.
Frequent Finance can also help where the first route is not quite the right fit. There are lenders that suit different homes, loan sizes, and repayment plans.
The main point is simple. If the loan is secured against your own home, the lender will look at the property, the equity, your income and the monthly payment you want to keep to.
That can make a secured loan useful when you want one larger loan rather than several smaller payments going out at awkward times in the month.
No broker fee secured loans for your own home
A no broker fee loan is not a strange product. It usually means the lender, or the lender’s normal commission arrangement, covers the work without a separate broker charge being added for you.
Some people already have a very good first mortgage. In that case, replacing the whole mortgage can feel unnecessary. A second charge loan can sit behind the existing mortgage and leave that first deal alone.
If you are comparing this sort of borrowing, it is worth reading about second mortgage rates, because the rate and term can change the monthly payment more than people expect.
When a secured loan can feel cleaner than a remortgage
Many homeowners ask about secured loans because they want to keep their current mortgage in place. That may be because the mortgage has a good rate, the term still suits them, or the existing lender would charge too much to change the whole arrangement.
A secured loan can be used for home improvements, consolidation, a major purchase or work on the property. A homeowner planning extra space may also compare loft conversion finance if the aim is to fund building work rather than general borrowing.
For a single clear amount, a £25,000 secured loan can be easier to think about than a larger open-ended facility. The payment can be checked against the term before you decide how far to go.
Some borrowers prefer the certainty of a fixed rate secured loan. Others are comfortable looking at a wider range of rates if the payment still suits the household.
A direct-lender route without making the page too complicated
Some people do not want lots of phone calls. They want the facts, the likely monthly payment and the next stage set out plainly. A secured loan with no phone calls may suit that kind of application style.
The best route depends on the property and the borrower. A primary residence is usually looked at differently from a rental property, so secured loans for landlords sit in a separate lane.
For your own home, the lender will normally want to understand the mortgage balance, the property’s approximate value, and a repayment level that feels sensible. Those details help shape the term and the loan amount.
Credit history and lender choice
Credit history is part of the picture, but it is not the whole picture. A lender will also look at income, equity, the purpose of the loan and how the new payment fits beside the rest of the household budget.
If your credit file is not neat, there may still be routes to consider. The page on homeowner loans with bad credit covers that subject in more detail without mixing it into every secured loan conversation.
There is also a specific guide for secured loans for bad credit on a primary residence, which may be useful if the loan is for your own home rather than a rental or business property.
Some younger homeowners also ask about under 55 equity options when they are looking at different ways to release money from a property. It is not the same as a standard secured loan, but it is a question that often comes up.
What the lender will usually want to see
The first details are usually straightforward: name, address, property value, mortgage balance, income and the amount you would like to borrow. After that, the lender can decide what documents are needed.
For many standard properties, a valuation can be arranged without much fuss. The original page mentions a valuation fee, and that kind of cost is often easier to deal with when it is explained early.
It also helps to know whether the money is for one clear job, such as a new roof or extension, or whether it is being used to put several existing balances into one place.
Why people use this sort of loan
Some people use the loan for repairs that have been waiting too long. Some use it for a kitchen, windows, roof work or an extra room. Others use it to tidy several payments into a single repayment date.
The reason matters because it affects how the loan feels in real life. Borrowing for a permanent improvement to the home is not the same as borrowing for a short-lived expense.
Short questions people ask
Can the term match my existing mortgage? In many cases, the lender can consider a term that is close to the remaining mortgage term.
Can the loan be repaid early? Some lenders allow this with no early repayment charge. Others price the loan differently, so the early repayment position is worth checking before you apply.
Can the payment be kept low? A longer term can reduce the monthly payment. A shorter term can reduce the loan term. The right balance depends on what you want the loan to do.
Can I use it for more than one purpose? Often, yes. A homeowner might use part of the loan for property work and part for tidying existing borrowing. The lender will want the details written clearly.
The current page is the secured-loans-primary-residence page, so it has not been linked to itself.