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Secured Loans

Find the best secured loans and second charge home owner mortgages even with bad credit

If you are looking for a bad credit secured loan or second charge to help with;

Help your family with a secured loan
Secured Loans can be used to gift to a family member
  • Debt consolidation
  • Home improvements
  • Secured loan for business
  • Car purchase
  • Holiday property
  • Gift to family member
  • Secured loan for a buy to let

Then you have reached the whole of market second charge specialists.

Are you in need of advice on the best secured loans deal to suit your current financial situation?

Here at Amber Mortgage Solutions we understand that there is no such thing as a ‘one size fits all’ secured loan. So even if you’re searching for secured loans with bad credit, our experienced team will find you the right lenders with the best rates to suit your needs.

What are Secured Loans and How Do They Work?

Secured loans are sometimes referred to as ‘second charges’, as they are generally lent on top of a main mortgage (the ‘first charge’). If a property is repossessed and sold, the main mortgage is settled before the second charge lender can settle their loan.

Secured loan
Use a secured loan to purchase a new car.

For example,
if a property is sold for £200,000 and the main mortgage is for £180,000, then the mortgage will be settled before the second charge lender can settle the remaining £20,000. However, if the second charge lender had lent £30,000 they would still be owed £10,000, which the borrower would be required to repay.

Arrangements can be made to ensure that any outstanding repayments are met, however not all borrowers may be in a position to repay their debts and so will be required to enter into IVA’s or declare bankruptcy.

Is a Secured Loan Right For Me?

There are many reasons why borrowers may benefit from a secured loan. Secured loans can be especially beneficial for those with a history of bad credit or borrowers looking to consolidate a number of large debts. This is because the interest rates on secured loans are generally lower than payday and guarantor loans.

Secured loans can be useful in the following situations:

You don’t want to switch mortgage deals

If you’ve found yourself with incredibly low mortgage rates then of course switching your mortgage over to a new lender may make little sense. Other situations where it wouldn’t be appropriate to refinance your current mortgage would be if you were tied into a deal and subject to Early Repayment Charges (ERC’s) which can be expensive (ranging from 1-5% of the loan repaid).

If you want to keep your existing mortgage as it is and secure a new loan on top then speak with a friendly member of our team today, for an expert comparison on the best deals and options available to you.

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You need funds to make home improvements

Do you want to borrow money for home improvements? Secured loans are a popular choice for this purpose and can prove more beneficial than a remortgage for several reasons;

secured loan rates can be as competitive as most mainstream mortgages, will often complete quicker than a remortgage and have no early settlement penalties. In addition, by increasing the value of your property you could benefit from a better loan to value ratio by choosing to refinance at a later date.

Arguably one of the biggest advantages of a secured loan for this purpose is that lenders will always consider loan applications for home improvements, giving you access to the whole market and making for a speedier completion process.

You want to pay off debts

In addition to home improvements, many people opt for secured loans in order to pay off their debts.

Borrowing for the purpose of debt consolidation is not only one of the most cost effective ways to borrow, but also a purpose for which most secure loan lenders are happy to lend. Having said this, it is still important to properly consider the risks that come with having secured loans against your house.

Still unsure if a secured loan could be of benefit to you? Our specialist advisors will be happy to walk you through the process, step by step, and provide you with the best solution for your financial circumstances.

Things to Remember with Secured Debts

There are several things to consider before applying for a secured loan. Whilst for many they may seem an ideal solution, here are a few things you will still want to consider:

Borrowing terms

Whilst the rates on a secured bank loan may be more appealing than on an unsecured bank loan, secured loans often have longer borrowing terms which can prove more expensive in the long run.


Secured loans commonly come with repayment penalties, which are charged if you refinance or overpay within an initial tie in period. That isn’t to say that there are some flexible deals out there. Our experience in secured loans mean that we can help you to find them.

Risk to your property

When securing debt on your home with a secured loan, it is important to remember that missed payments can lead to your home being repossessed.

Bad Credit Secured Loans

Are you worried about how your bad credit history may impact your chances of being approved for a loan?

Secured loans bad credit deals are ideal for borrowers with bad credit histories or borrowers who have been declined by high street lenders in the past. Bad credit lenders will not decline applicants based on bad – or even non-existent – credit scores alone. There are specialist bad credit lenders who will still consider applicants with minor or major bad credit incidents on their score, including a history of missed payments, mortgages or existing personal loans.

Regardless of your past credit issues, our years of experience and expertise mean we are able to give you the best possible chance of getting a secured loan, no matter what your past.

Finding Secured Loan Lenders

Looking for a secured loans direct lender? Here at Amber Mortgage Solutions we understand that finding a secured loan can feel daunting, especially if you have a bad credit history or have been declined by lenders in the past.

Our experience in secured loans mean that when a high street lender cannot help you, we can. It doesn’t matter where you are on your property ownership journey or what your credit history may be, our team of friendly advisors can find the right lender for you.

So why wait? For peace of mind contact us today and speak with one of our professional secured loan brokers.

How much can I borrow on a second mortgage?

A second charge mortgage allows you to use any equity you have in your home as security against another loan. It means you will have two mortgages on your home.

Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it.

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Quick FAQs

Take a look at our extensive FAQ section

For the answers to some of our most commonly asked questions, below.

The rate you are offered on a secured loan will depend on your current financial situation. Simply put, the higher of a risk you appear to lenders, the higher the rate offered to you will be. Borrowers with a clean credit report can easily expect a low loan to value (LTV) and will qualify for the best rates available from lenders. Whilst borrowers with a history of adverse credit may be subject to a higher LTV and may have to consider higher rates. Before making an application with a lender, we will determine what rates are available to you and talk you through the exact costs.
Again, this depends on your credit history and the size of loan you’re looking for. Generally, those with a clean credit report can expect to borrow up to 95% on secured loans with competitive rates, whilst borrowers looking for a secured loan with bad credit may expect to borrow 75-85% LTV. However there are exceptions to this, non-equity loans being an example. It is possible to borrow on your home without equity and raise finances with a ‘non-equity loan’. These loans work in the same way as a secured loan but do not require you to have equity in your property in order for a loan to be taken out. So regardless of the amount of equity in your home, even if you’re in negative equity, there are lenders who will still consider your application for a loan. Of course these types of loan aren’t cheap as the rates on a non-equity loan are high. However if you have no equity in your property but want to raise funds for something, a specialist non-equity loan is an option we can help you to explore.
It is possible to find secured loans on buy to let properties. Obtaining a secured loan on a buy to let (BTL) property works in the same way as secured loans on residential properties, however, lenders assess applications and offer loans for BTL properties in a very different way. For example, applications for residential properties are assessed on the borrowers’ income and ability to meet repayments, whilst for BTL applications, lenders will assess affordability by looking at a property’s rental income, although sometimes they will also take a BTL applicants income into consideration. When securing a loan against a BTL property, it is sometimes possible to borrow on an interest only basis, instead of a repayment basis, as is the case when securing a loan against residential properties. If you’re looking to secure a loan on your BTL property you may want to seek the help of specialist advisors, like Amber Mortgage Solutions, who will be able to advise on the best type of loan for you.
Securing credit of any kind can be tricky when you’re self-employed, with many lenders having varying requirements for borrowers to demonstrate their income. It is no different when applying for a secured loan, although it is possible and there are many flexible lenders out there who will consider applications for secured loans for the self-employed.
Contact us today! Our friendly advisors will be happy to talk you through the next steps available to you and help you on your way to obtaining a secured loan. We’re here to help you, not judge you, so call us on 01702 619 221.

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