Secured Loan Calculator
Our secured loan calculator is simple to use and helps you get a quick response when enquiring about the expected amount for your secured loan monthly repayments.
*All rates quoted are subject to individual circumstances
..An alternative secured lending product
A secured loan is an alternative option to full remortgage when the client:
- It is associated with an existing mortgage that carries redemption penalties.
- The company benefits from an existing low-interest rate mortgage, but it needs to raise capital.
- The current lender is offering a further advance, but the rate is too high.
- Is currently on an interest-only mortgage and does not want to alter this.
- Due to adverse credit, income, age, equity, and other factors, there are limited mortgage options available.
- Is raising capital on an owned buy-to-let property.
Please see below for a secured loan example detailing the cost*:
| Item | Value |
|---|---|
| Net Loan | £50,000 |
| Term | 20 years |
| LTV | 60% |
| Interest Rate | 6.59% |
| Monthly Payment | £375.44 |
| Lender Arrangement Fee | £995.00 |
| Title Administration Fee | £100.00 |
* The data shown above is an example for illustrative purposes only. All individual cases are subject to the direct lender criteria and client circumstances at the point of application. All rates quoted are subject to individual circumstances.
Below is an infographic explaining the benefits, considerations, and reasons why it is worth using a secured loan calculator.
Our online secured loans calculator provides a quick and simple summary of the various possibilities; yet, it might be difficult to choose which details to submit to receive a near-accurate answer. All lenders define their own lending criteria and offer interest rates based on a variety of factors.
Additional secured loan fees
Along with fixed or variable rates of interest, additional secured loan fees almost always apply. At the time of agreeing to the homeowner’s loan, there may be an initial administration, secured loan application, or arrangement fee, typically ranging from £250 to £1,000. Additional costs to consider include valuation fees and early repayment fees.
Variable versus fixed rate loans
While variable interest rates can fluctuate at any time, a fixed-rate secured loan will have a fixed interest rate for the agreed-upon term. In both cases, consider how much you will pay over the long term of the homeowner loan, not just which offer seems best.