Secured Borrowing amount: How much could I borrow with a Secured Loan?

Homeowner Secured Loans Guide - Page 3 of 7:

So, you're probably wanting to know how much you may be able to borrow with a Secured Loan.

As usual this will depend on a number of factors, but one thing we'll say straight away is that you shouldn't borrow more than you can comfortably afford!

Secured Loans enable the borrower to borrow more than they would be able to obtain on an unsecured basis. Borrowing amounts for Secured Loans can reach as high as £100,000 although this is rare. With an Unsecured Loan the borrower would be restricted to somewhere in the region of £15,000 to £25,000 depending on their circumstances.

Secured Borrowings and lending criteria

The lending criteria for Secured Borrowing varies from lender to lender, so the amount you will be able to borrow will depend on your personal circumstances together with your income and employment status, your ability to repay the instalments, as well as the available equity in your home, and any credit difficulties that you may have experienced.

Similarly, the Annual Percentage Rate (APR) you will pay will also depend on these factors.

What is for sure, as with any priority debt, and like your first mortgage, you must be certain that you are able to comfortably manage your repayments.

You also must remember, that this type of loan is also secured, and so if you default on your repayments, then you risk losing your home.

So, now we've taken a look at Secured Borrowing amounts, let's explore the differences between Secured Loans and Unsecured Loans...

NEXT: What is the difference between
Secured and Unsecured Loans ›

Enquire Online now, or call us today 08000 282 281 - our freephone lines are open 8am-10pm everyday! We'd love to hear from you!

Mortgages/Remortgages: The overall cost for comparison is 9.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.

There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances. For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.

Homeowner Loans: Rates from 8.9% APR variable, but typically 13.9% APR variable. Most customers are likely to receive a lower rate or the same rate as our typical variable rate - learn more about APR. Shire Direct also has a range of non-conforming loan plans with rates up to 19.9% APR. These plans are designed to help those who may have a more difficult credit history, including CCJ's and credit arrears, IVA and bankruptcy problems.
A broker fee of between 0% and 10% of the loan advance may be charged for arranging a secured loan.
All loans subject to status and secured on property.
The actual rate available will depend upon your circumstances. Written quotations on request.

THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Adding existing debt to your mortgage will increase the repayment term and overall cost.

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Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.

Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.