Bad Credit Secured Loans

Traditionally, high-street lenders have been reluctant to approve loans for homeowners with poor credit, but this is changing with the rise of UK specialist lenders offering affordable secured loans for various purposes.

Affordable Bad-Credit Homeowner Loans

High-street lenders often reject borrowers with minor credit issues. However, UK specialist lenders offer secured loans for bad credit, potentially backed by your home, making you eligible even if you’ve received a denial from another lender.

Flexible Use of Bad Credit Loans

Bad-credit homeowner loans are versatile and can be used for home improvements, debt consolidation, car purchases, or personal expenses. They can simplify multiple debt obligations into one monthly payment at potentially lower interest.

How They Work

For those with poor credit, a secured homeowner loan uses your property as collateral. Loan amounts depend on property value and type. Property valuations aid in determining loan eligibility, even though credit checks and income proof are necessary.

Minimum Credit Score

Credit score requirements vary by lender. Generally, conventional loans require around 620, while FHA loans may accept 580 with a larger down payment. A score of 740+ may yield better terms.

Contact UK Property Finance for a quick decision on a bad-credit homeowner loan and learn about competitive mortgage and remortgage options for subprime applicants.