Whether you’re looking to borrow £500 or £200,000, getting a secured homeowner’s loan is something you can consider. As long as you have a property to secure the loan against, you can get approved fast and you can immediately use the money for a wide range of personal needs. And if you’re ready to get approved now, we’ve rounded up the best secured loan providers available in the UK today:
At 4.54% headline rate, you can borrow between £40,000 and £125,000 with Paragon Bank. The loan can be repaid minimum of ten years and maximum of 25 years. If you borrow £80,000 at £5.2% variable representative APR over a 20-year period, you’ll repay a total of £127,999.62. Or that’s about £533.33 per month for the next 20 years.
With Precise Mortgages, the headline rate is set at 4.55. The lender offers loan amounts from £30,001 to £200,000 at repayment terms starting from 3 years up to 30 years. If you borrow £115,000 at variable representative APR of 5.1% over a 20-year term, your monthly repayment fee will be 757.94 per month. The grand total you’ll pay for at the end of the loan term will be a whopping £181,906.22.
A bit more expensive than the other options but still relatively cheap compared with other types of personal loans, Prestige offers loans from £10,000 up to £200,000. The headline rate is set at 4.68% while the repayment period starts from 3 years up to 25 years. If you plan to borrow £105,000 over a 20-year period for a major investment and the variable representative APR is 5.3%, you will end up paying £703.44 per month or a total of £168,824.52 by the end of the 20-year loan term.
Nemo Personal Finance
Nemo Personal Finance is another provider worth looking at if you’re looking to borrow between £15,000 and £200,000. Repayment period stars from 3 years minimum and 25 years maximum while the hidden rate is set at 4.92%. If you’re looking to borrow a sum of £20,000 and the variable representative APR is set at 7, expect to pay £230.13 per month or a total of £27,615.77 if the term is ten years.
United Trust Bank
Also offer cheaper secured loans in the UK is United Trust Bank at a hidden rate of 4.95%. The providers offer loans from £10,000 up to £75,000 maximum with repayment options starting from 3 years minimum and 25 years maximum. To better illustrate the loan’s cost, let’s say you want to borrow £40,000 over a 15-year loan term. If the variable representative APR is set at 6.8% and the variable interest rate is 4.5%, expect for your monthly dues to be somewhere at £350.71. The grand total you’ll pay for by the end of the term is £63,127.04.