UK Secured loans from Nemo
Nemo Personal Finance provides secured loans for homeowners in the UK. Our rates range from 5.7% APR variable to 14.9% APR variable. Nemo's Typical rate is 12.2% APR variable. A secured loan could be an option for you if you:
- Have several credit cards, store cards or a personal loan to consolidate.*
- Find making multiple monthly repayments tricky to manage.
- Want to lower monthly repayments by spreading borrowing over a term to suit you.
- Want to reduce monthly outgoings, leaving you with more of your salary each month.
- Are looking to finance a big home improvement, like an extension.
How secured loans differ from a personal loan
When deciding if a secured loan is the option for you, you might like to know how it differs from a personal loan:
- Secured loans could allow you to borrow more than a personal loan.
- Secured loans can usually be repaid over a longer term than personal loans, this means your monthly repayments may be lower, and you could reduce your outgoings in the short term.
- Secured loans are for homeowners with a mortgage. You don’t need to be a homeowner to take out a personal loan.
- Secured loans differ from personal loans because your home offers your lender some security.
- Secured loans can be used for consolidation.
What the value of your home means when taking out a secured loan
Nemo carefully assess the value (also known as equity) of your home before offering you a secured loan. All lenders have a set percentage of your home’s value which they will lend up to. The maximum Nemo currently lend up to is 90%** of your property’s value (less your mortgage).
Here is an example of how this works:
|90% of the value
|Current mortgage balance
|Amount you could borrow
So, based on the value of your home, you could borrow up to £40,000.
As a property’s value is so important to Nemo’s ability to offer you what you are looking for, we cover all the costs in getting a valuation done for you!
What else Nemo considers when assessing your secured loan application
As well as assessing the value of your property, we also consider affordability. As Nemo is a responsible lender, we’ll consider what income you have coming in and what money you have going out each month to ensure your loan is affordable.
*Consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts. Repaying borrowing over a longer term will increase overall interest charges.
**Nemo’s maximum loan to value is subject to change.