How secured loan limits work
Secured loan lenders cap the total secured on your home, including your mortgage, at a percentage of its value. Some go higher than mainstream mortgage lenders, often at higher rates.
Lenders also check your income, outgoings and credit history to decide whether you can afford the repayments.
Worked example
A £300,000 home with £150,000 left on the mortgage has £150,000 of equity. At an 85% loan-to-value limit, you could borrow up to about £105,000 more.
Before you borrow
Your home may be repossessed if you don't keep up repayments on a loan secured on it.
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Inputs for the secured loan eligibility calculator
Property value
What your home is worth now.
Existing borrowing secured on it
Your outstanding mortgage and any other loans secured on the property.
Maximum loan-to-value
The lender's limit on total secured borrowing as a share of the value.
CALCULATOR QUESTIONS
Secured loan eligibility calculator questions
Am I eligible for a secured loan?
You'll need equity in your home and to pass the lender's affordability and credit checks.
How much can I borrow?
Up to the lender's loan-to-value limit, minus what you already owe, subject to affordability.
Can I get a secured loan with bad credit?
Some lenders consider it, usually at higher rates.
What's the risk?
Your home may be repossessed if you don't keep up repayments on a loan secured on it.