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Here’s where large loans might help you. 

Please forgive the “Carry On Borrowing” reference, but it seems more people are now using secured loans for very large loans amounts.

Go back 10 years and the average loan was £20,000 to £25,000

Find the right type of large loan for you – Click Here

Now large loans of £100,000 to £200,000 secured loans are more common

Here are some typical reasons you may not be aware of:

Debt consolidation – secured loan

lenders are far more willing to consider loans for large amounts of debt consolidation than most first mortgage lenders. We have arranged loans well over £100,000 mainly for debt consolidation

High LTV – No equity

Large secured loans could allow you to borrow up to 100% of the value of your property to release can for personal or business use.

Secured Loans for poor credit

If you have poor credit you are more likely to be accepted for a secured loan than a remortgage. Also a remortgage may mean paying a higher rate – it may be cheaper to keep the mortgage and just have extra borrowings on the loan.

The property type

Construction or property condition may not be catered for by the most competitive mortgage lenders. A secured loan could be the answer.

Tied in to a fixed rate mortgage?

Rather than remortgage to raise cash you can look at a secured loan with a variable rate or a 2 year / 5 year fixed rate with no early redemption charges – then you could remortgage at a later date when there are no penalties.

Loan Purpose

Sometimes the loan purpose restricts the choice of remortgage lender and increases the remortgage rate available – eg business purposes, tax etc – It’s often better to borrow the extra amount on a secured loan and keep the low mortgage rate

The good news is that Promise Money will look at both the secured loan and remortgage options to help you raise cash – compare the costs – and then advise you which is suitable.

So whether you are thinking of a loan or a mortgage, it makes sense to talk to Promise Money

To arrange a no obligation chat with an adviser, please call 01902 585020 or visit

    Find a secured loan

    Enter some details and we will estimate your repayments on our popular loan plans – this will NOT affect your credit rating.

    How much you would like to borrow?

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    For how long?

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    What best describes your credit rating?

    Perfect: In the last year you have no mortgage arrears, CCJs or defaults. Your credit score is high.

    Your repayments are estimated at

    £249.51 per month

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    QUOTE MEClick here to request a full, no-obligation quotation
    More than 50% of borrowers receive offers better than our representative examples. The %APR rate you will be offered is dependent on your personal circumstances.
    Secured / Second Charge Loans secured on your home
    Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55.730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.2
    LOANS SECURED ON YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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    Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

    More than 50% of borrowers receive offers better than our representative examples

    The %APR rate you will be offered is dependent on your personal circumstances.

    Mortgages and Remortgages

    Representative example

    Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

    Secured / Second Charge Loans

    Representative example

    Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

    Unsecured Loans

    Representative example

    Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

    THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

    REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

    Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk