SECURED LOANS

Need to borrow more
without changing your
current mortgage?

A secured loan, sometimes known as a second charge mortgage,
could allow you to borrow against your property while keeping your
existing mortgage in place. Whether you’re funding home improvements,
consolidating borrowing or covering a significant expense, we’ll help
you compare the available options so you can decide what’s right
for your circumstances.

✔ Compare Secured Loan Options
✔ Keep Your Existing Mortgage
✔ Free Consultation

Book Your Free Consultation

What is a secured loan?

A secured loan allows you to borrow money using the equity in your home as security, while leaving your existing mortgage unchanged. Instead of replacing your current mortgage, a secured loan sits alongside it as a separate loan.

For some homeowners, a secured loan can be an option worth considering alongside remortgaging, particularly if they’re already on a competitive mortgage rate or would prefer not to change their existing mortgage arrangements.

When could a secured loan be suitable?

A secured loan may be worth considering if you’re looking to:

Improve or extend your home
Consolidate existing borrowing
Fund a major purchase
Help family members financially
Cover education costs
Raise capital for another purpose
Keep your current mortgage and interest rate

Home Improvements

Borrow to renovate, extend or improve your property.

Debt Consolidation

Combine eligible borrowing into one monthly repayment where appropriate.

Keep Your Existing Mortgage

If your current mortgage has a competitive interest rate, a secured loan may allow you to borrow more without changing it.

Flexible Borrowing

Secured loans are available for a wide range of purposes, subject to lender criteria.

Secured loan or remortgage?

Depending on your circumstances, both options may be worth considering.

A remortgage replaces your existing mortgage, whereas a secured loan leaves your current mortgage in place and adds a separate loan secured against your property.

We’ll explain the differences, compare the available options and help you understand which approach may be most suitable for your circumstances.

What will lenders consider?

When assessing an application, lenders will typically consider:

Your income and affordability
The amount you wish to borrow
The value of your property
Your existing mortgage balance
Your credit history
The purpose of the loan

Why choose Liberty Money?

Every homeowner’s circumstances are different. We’ll take the time to understand your requirements, explain how secured loans work and help you compare the available options, so you can make an informed decision.

Frequently Asked Questions

A secured loan is borrowing secured against your property. It is sometimes referred to as a second charge mortgage because it usually sits alongside your existing mortgage rather than replacing it.

Yes. One of the main reasons people consider a secured loan is that it can allow additional borrowing while leaving their existing mortgage in place. This may be worth exploring if, for example, you have a competitive existing mortgage rate or would face Early Repayment Charges for remortgaging.

This will depend on factors including your income and affordability, the value of your property, your existing mortgage balance, your credit history and the lender’s criteria.

Secured loans can be used for a variety of purposes, including home improvements, extensions, debt consolidation and other significant expenditure, subject to the lender’s criteria.

Potentially. Some lenders consider applicants who have experienced missed payments, defaults, CCJs or other credit issues. The options available will depend on your individual circumstances and the nature and timing of any credit problems.

Neither is automatically better. A secured loan allows you to keep your existing mortgage, whereas remortgaging replaces it. The costs, interest rates, Early Repayment Charges and your individual circumstances all need to be considered when comparing the two.

Usually, yes. Your existing mortgage continues as normal and the secured loan has its own separate monthly repayment.

Potentially, but the terms vary between lenders and products. Early Repayment Charges or other fees may apply, so it’s important to understand the terms before proceeding.

Yes. Because the borrowing is secured against your property, failing to maintain the required repayments could ultimately put your home at risk.

Thinking about borrowing more?

Book your free consultation and we’ll explain how secured loans work, answer your questions and help you compare the available options.

Book Your Free Consultation

Explore Related Mortgage Guides

Many of our clients explore more than one mortgage option before deciding what’s right for them. Here are some related guides that may also be useful.

Borrowing More

Need extra funds for home improvements, an extension or another major purchase? Discover your options.

Find Out More →

Remortgages

Coming to the end of your fixed rate or looking to reduce your monthly payments? Learn about your remortgage options.

Find Out More →

Hone Movers

Thinking of moving home, Learn more about your options.

Find Out More →