Fixed Rate Secured Loans
Let us help you find the best fixed rate secured loan deal
If you are looking for a fixed rate secured loan, we can help you find the most competitive deal on the market.
As well as offering home loan deals offered by lenders for people with good credit histories we also work with secured loan brokers who search the UK secured loans market to find you the best rate. All you need to do is:
- Secured Loans from £10,000 to £2.5m
- Adverse Credit and CCJs loan applications considered
- Loans Up to 30 years
- Leading UK secured lender deals compared
For the latest secured loan deals see the latest deals above or contact us on 0117 313 8872.
Fixed Rate Secured Loans
As suggested within its name, a fixed rate secured loan has an interest rate (APR) which is defined for an initial term. When looking to take out a fixed rate secured loan, it’s important to take into consideration that the amount you are likely to be offered, the interest rate, and the loan term are all likely to depend on your personal circumstances, and amount of equity that you own in a property.
Fixed rate secured loans typically come in two forms:
1. Short-term fixed rate secured loans – With this type of loan you pay a fixed amount every month throughout the short term of the fixed rate (usually between 1 and 5 years). Your repayments will then revert to the lenders standard variable rate, meaning your repayments could go up or down.
Before committing to this type of fixed rate secured loan you should ensure that you can afford any increases in monthly repayments after your loan switches to the lenders standard variable rate.
2. Fixed for term secured loans – With fixed-for term deals you pay an agreed fixed amount every month throughout the term of the deal; a less risky investment as your repayments will not fluctuate throughout the entirety of the loan.
Advantages of fixed rate secured loans
Consistency – A fixed-rate secured loan gives you peace of mind and security as you know exactly how much you’ll be paying in your monthly repayments. Your repayment rate will stay the same regardless of whether the bank of England base rate fluctuates.
Easier budgeting – As your repayments are fixed for the foreseeable future, it is more straightforward to plan your finances over the next few years.
Transparency - Fixed rate loans are easier to understand and more transparent than other types of secured loans.
Considerations of fixed rate secured loans
A fixed rate secured loan may not be the best decision for you on the basis of your personal circumstances. Whilst some people enjoy the consistent and transparent repayment terms, there is also the potential for higher repayment rates should the lenders SVR drop below than the fixed rate.
As each person has a unique set of personal circumstances, we recommend that before committing to a fixed rate secured loan that you speak with an independent mortgage broker. A mortgage broker can offer expert and unbiased advice, to help you make the best decision based on your personal secured loan needs.
We work with the majority of fixed rate loan lenders, which mean we can offer you leading and exclusive fixed rate secured loan deals. If you think you would benefit from speaking with our specialist secured loan advisory team, why not call us today on 0117 313 8872 for a FREE initial consultation.