Secured Loans

Secured Loans/Second Charge Mortgages

Secured loans are not a primary service offered by IMC, but we are able to put you in contact with brokers who can help you find the best, most affordable loan for your situation.

A secured loan allows you to borrow a larger sum of money with an asset such as your home, as security. Lenders feel more comfortable because when a borrower uses their assets as collateral, much of the financial responsibility and risk is alleviated from the lender. If the borrower defaults, the lender knows that the loan can be repaid through the sale of the asset it is secured against. A mortgage, by definition, is a type of secured loan, with your home acting as the collateral.


Why get a secured mortgage loan?

You are most likely to consider a secured loan if you were unable to take out a further advance from your current lender. Secured loans allow borrowers to use the equity they have in their home as collateral against another loan, giving you two mortgages on one home. This is often used as an alternative to remortgaging. By not remortgaging, you are able to keep a low rate mortgage and won’t have to pay any exit fees.

If you are looking to borrow a large sum of money without facing the drawbacks of remortgaging your home, a secured loan on top of your mortgage might be a good option for you. By borrowing against the equity you have in your home, you will gain access to a sum of money that your existing lender may not otherwise be willing to offer you.

There are a number of reasons which may cause you to opt for a second charge mortgage. These include:

  • Needing to borrow large sums of money (usually over £25,000)
  • To keep a low rate mortgage and avoid large exit fees by having to remortgage
  • Extending or refurbishing a property
  • Debt consolidation


Applying for a secured loan in the UK

With new regulations implemented, it has become much harder for people to be approved for a secured loan in the UK over the past year. However, if you don’t have a great credit history, secured loans will usually allow you to borrow more money than you would otherwise be able to with an unsecured loan. Plus, much like mortgages, secured loans can be repaid over a much longer period of time. Lenders are able to offer these superior rates because there is a guarantee against the loan, meaning that they won’t lose out.

If you wish to apply for a secured loan, you will need a credit history, a steady UK address (UK resident for at least 3 years) and a repayment plan that is realistic with your financial situation and requirements.

Your home or any other assets used as a guarantee for a secured loan may be repossessed if you do not keep up repayments.

Interested in finding out more information about secured loans? IMC offers a free consultation to explain all details and answer all your enquiries – contact us today.


Secured loans or second charge loans services are provided through our introductory agreement  with AJP Finance Ltd. and are regulated by the FCA.

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"Highly recommended
The IMC team have been very supportive over the last 6 years. They have helped us with our home mortgage (when it seemed that no-one else could!) and also our buy to let mortgage and our wills. The team are professional, friendly, very knowledgeable and always accessible."

FionaJ-53 , Aug 2018

Independent review from Yell
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"Really Easy Remortgage
Really helpful service, for me mortgages has always been something i have never understood but from the help of Jacqui it all has been to easy. Will recommend. Many Thanks"

LeeM-157 , Sep 2018

Independent review from Yell