Secured loan for any purpose even if you have bad credit

There are many reasons why you may want to take out a secured loan, including home improvements, investment in another property, a wedding, debt consolidation, holiday or a new car. We have access to a wide range of products and could help to secure you finance no matter what your circumstances.

  • Market-leading rates
  • Bad credit accepted
  • Debt consolidation
  • Fast turnaround so you could receive your finance within just a few days
  • Dedicated team of experts

A secured loan, also known as a second charge mortgage could be the ideal solution if you:

  • Have an existing mortgage with a high early repayment charge
  • Want to retain your current mortgage and interest rate
  • Fail affordability for a new mortgage

We sourced a secured loan for one customer who wanted to consolidate debt and make home improvements

Mr W wanted to consolidate his unsecured debts and carry out improvements to his home, whilst reducing his monthly payments. He was tied into a fixed rate with his mortgage though and unable to remortgage at the time.

With Clever Mortgages he was able to:

  • Consolidate his unsecured debts of almost £15,500
  • Receive funds of almost £40,000 to carry out home improvements
  • Save nearly £200 per month
 BalancePaymentRateTerm
Previous unsecured debts£15,450£500
Additional borrowing£39,550
New secured loan£58,355£3355.35%28 years

Previous unsecured debts

Balance £15,450
Payment £500

New secured loan

Additional borrowing £39,550
New secured loan £58,355
Payment £335
Rate 5.35%
Term 28 Years
As Mr W was still tied into the fixed rate on his existing mortgage, it didn’t make sense to pay more than £3,000 of early repayment charges (ERCs). He wanted to carry out home improvements and consolidate his unsecured debt, but as he had previously been in an IVA, wasn’t sure if he’d be able to do this. We were able to source a lender which offered him a loan, which was secured on his property and allowed him to not only make the home improvements and consolidate his debts, but also make a saving of nearly £200 per month.

No obligation advice on secured loan

Try our Mortgage Calculator – let’s see what you could borrow

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Latest mortgage best buys

Based on a mortgage of £130,000 on a property worth £260,000

Initial rate
Overall cost for comparison
1.09% Fixed
then 4.34% (variable)
3.9% APRC

Fees and charges

  • Booking fee
    £0.00
  • Arrangement fee
    £1,499.00
  • Valuation fee
    £0.00
  • Other fees
    £570.00
  • Cashback
    £250.00

Other info

  • Exit fee
    £0.00

Flexibility

  • Overpayments allowed?
    Yes

Representative example
A mortgage of £130,000.00 payable over 25 years, on a ‘Fixed rate’ of 1.09% would initially cost £495.25 for 27 months. This would be followed by 273 monthly payments at a variable rate of 4.34% costing £690.68 per month. The total amount payable over the full term of the mortgage would be £201,677.39, made up of the loan amount plus interest and fees (£1,549.00). The overall cost for comparison is 3.9% APRC.
1.39% Tracker
then 3.59% (variable)
3.2% APRC

Fees and charges

  • Booking fee
    £0.00
  • Arrangement fee
    £999.00
  • Valuation fee
    £0.00
  • Other fees
    £540.00
  • Cashback
    £0.00

Other info

  • Exit fee
    £65.00

Flexibility

  • Overpayments allowed?
    Yes

Representative example
A mortgage of £130,000.00 payable over 25 years, on a ‘Tracker rate’ of 1.39% would initially cost £513.23 for 24 months. This would be followed by 276 monthly payments at a variable rate of 3.59% costing £645.61 per month. The total amount payable over the full term of the mortgage would be £190,505.88, made up of the loan amount plus interest and fees (£1,084.00). The overall cost for comparison is 3.2% APRC.
2.84% Variable
then 5.89% (variable)
2.9% APRC

Fees and charges

  • Booking fee
    £199.00
  • Arrangement fee
    £800.00
  • Valuation fee
    £0.00
  • Other fees
    £855.00
  • Cashback
    £0.00

Other info

  • Exit fee
    £150.00

Flexibility

  • Overpayments allowed?
    Yes

Representative example
A mortgage of £130,000.00 payable over 25 years, on a ‘Variable rate’ of 2.84% would initially cost £605.71 for 0 months. This would be followed by 300 monthly payments at a variable rate of 5.89% costing £605.71 per month. The total amount payable over the full term of the mortgage would be £181,713.00, made up of the loan amount plus interest and fees (£1,149.00). The overall cost for comparison is 2.9% APRC.

6 Great reasons to choose Clever Mortgages

Specialists in bad credit

Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.

Over 100 lenders

We know that sorting out a remortgage can be stressful – but our experienced team of experts will have any questions you have along the way, and will always be proactive when it comes to keeping you in the loop with your application progress.

Experts in bad credit

We have helped 1000’s of people with bad credit. All our advisors are trained on securing mortgages for clients with bad credit. In short, we know this market.

Access To Exclusive Rates

We have access to every adverse friendly lender, we can often secure you exclusive rates you can’t find on the high street.

First class support

We know that buying or moving house and getting a mortgage is stressful, so we do our upmost to make the process as hassle-free as possible. We’re there for you at every step, always keeping you in the loop.

Excellent Reviews

We’re proud of our long-standing 5 Star Rating on Trustpilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.

Why use a mortgage broker?

Mortgage brokers help you find the best deals on the market – not just from one lender. With a broker you can expect:

  • Valuable knowledge, through years of experience helping customers to find mortgages
  • An improved chance at finding a mortgage, some mortgages are only available through a broker
  • Help with the application process, as usually just one application can be used across various lenders
  • Advice on how to improve your chances, for instance getting a guarantor or applying for a joint mortgage

About Clever Mortgages

We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:

  • With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
  • Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
  • With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
  • Our team know the lenders that are most likely to say ‘yes’, and give you the best rates

What should I do next?

  • You enquire online with us today or request a call back
    Our simple form takes a couple of minutes to fill in, this gets the ball rolling
  • One of our experts will give you a call to find out more about your situation
    We have experts in remortgaging, who focus solely on helping customers save money
  • We do all the hard work for you
    We search the market for the trusted lender that’s right for you
  • Our expert will get back in touch
    We can guide you every step of the way, and we’ll always keep you up-to-date with progress

Speak to a broker

Alison Tetlow

Alison is a specialist mortgage broker who has been working for Clever Mortgages for 7 years helping customers with bad credit and has over 25 years experience within the mortgage and housing market.

Call us on: 0800 197 0504

Below are some of the lenders we work with