Spring Finance Second Charge Secured Loans

Discover whether Spring’s loan rates are a fit for you. 100’s of secured finance products & high acceptance rates!

• Special lenders not featured on the comparison engines with great terms
• One of the largest lending panels in the UK
• Great for clearing other loans/credit cards/existing car credit
• We search over 1,100 loans to find the best deal
• High loan-to-value (LTV) with some lenders
• Homeowners could borrow from £10k – £200k
• Keep your current mortgage with no worries
• Straight forward Secured Homeowner Loans – Pre-approval Without Credit Checks
• Sympathetic To Past Credit Issues: We Have Lenders That Accept Virtually All Types Of Credit. Prime, Light, & Heavy Adverse All Considered.

Pre-Decision In-Principle Application Form

Brokered secured loans from Spring Finance

Spring Finance is a specialist lender in the residential second-charge loan market. Its customers are usually homeowners who have enough equity for a secured loan but may not fit the clean-credit approach of a high street lender.

Spring Finance is not usually accessed in the same way as a bank branch loan. Applications normally go through brokers who understand its criteria and can judge whether the case is worth placing there. That matters when an applicant has older missed payments, a Debt Management Plan, defaults or CCJs showing on a credit file.

Spring Finance serves England, Scotland and Wales, but not Northern Ireland. Its processing centre is UK-based, which can help when a broker needs a quick view on whether a case is likely to fit.

What Spring Finance may offer

• Borrowing from £5,000 to £100,000.
• Variable rates from 11.25%, with fixed three-year and five-year deals from 11.75%.
• Adverse credit considered, including some cases involving an active Debt Management Plan or an Individual Voluntary Arrangement.
• Mortgage arrears need to be older than six months. CCJs and defaults do not automatically rule out an application, especially where the new loan is being used to repay other debts.

Affordability still has to work. Spring Finance will look at income and outgoings, then test the monthly payment against the borrower’s budget. The maximum debt-to-income ratio is 45%, so the loan is not judged solely on the property’s value.

Eligibility points to check

• The maximum LTV is 70%.
• The home must already have a first-charge mortgage. Unencumbered properties are not considered.
• The upper age limit is 70.
• Repayment terms can run from 3 to 30 years.
• Self-employed applicants may be considered, as can people with one full year of employment history.
• Flexible proof of income can include earned income, pensions, benefits, and regular income as shown on bank statements.
• The minimum income is £15,000.

Fees and valuation points

The fees can be flexible and may be added to the total loan amount, which increases the amount repaid. The lender fee is shown as variable, ranging from £695 to £1,250.

• A valuation is needed. Loans up to 55% LTV may be able to use an automated valuation model.
• A full valuation is required for LTVs of 55% to 70%. Drive-by valuations are not available.
• The minimum property value is £100,000.
• Early redemption fees start at three months’ interest in year one, two months’ interest in year two, and one month’s interest from year three onwards.
• Broker fees can be up to 15%, with a maximum broker fee cap of £5,000.

Illustrative example

Based on a total loan amount of £25,000 and a 15-year repayment term at 11.6% APR, the monthly payment would be £284.55. The total amount repayable would be £51,218.74, making the total cost of the loan £26,218.74.

Find out whether you may be eligible for a Spring Finance loan, and whether it is the right fit for your circumstances.

1^st UK Mortgages is an experienced broker working with an exclusive panel of specialist lenders, placed to help homeowners looking for secured loans with bad credit. A broker can also look at whether the loan is mainly for debt consolidation, home improvements, or a larger one-off expense.

What if there is bad credit in the past?

There are secured loans for people with poor credit because the lender holds the property as collateral and will still conduct an affordability check. That does not make the borrowing casual. It just means the decision may give more weight to equity, income and the reason for the loan than to an old credit issue on its own.

Someone borrowing around £25,000 may want to compare a £25,000 loan with a second-charge option. For longer terms, a 10-year secured loan can look more affordable each month, although spreading borrowing over a longer period can increase the total amount paid back.

Rate shopping should go beyond the headline number. It can help to compare secured loan rates, check the wider picture on second mortgage rates, and decide whether a fixed-rate secured loan feels safer than a variable option.

Some borrowers want a quieter application route, so a guide to secured loans with no phone calls may be useful. Others need to think about the usual reasons for taking a secured loan, or whether a joint secured loan could help the affordability check.

Other lenders and routes to compare

The wider market includes broker-only adverse secured loan lenders, so Spring Finance is not the only name a broker may consider. A case may be compared with Norton Finance when the borrower wants a broker-led route, while United Trust Bank may come up for second-charge borrowing with a different underwriting style.

For borrowers comparing specialist lenders, Masthaven Bank has often been discussed alongside Together Money. Some cases may sit closer to Pepper Money, while others are looked at beside 1st Stop Loans.

Where the credit profile is more complicated, a broker might also compare Paragon Bank, Blemain Finance, Precise Mortgages or Optimum Credit before making a recommendation.

Home improvement borrowing can be looked at slightly differently. A homeowner comparing Spring Finance with Nationwide home improvement loans, NatWest home improvement loans, Santander home improvement loans or TSB secured loans may get a clearer view by comparing fees, valuation rules and the lender’s attitude to older credit problems.

For people who want to run numbers before applying, a bad-credit homeowner loan calculator can give a rough monthly repayment before a broker checks the case properly.

Spring Finance contact and regulatory details

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First publishedNovember 27, 2018

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Last updatedJune 21, 2026 at 8:00 pm

Age of last update56 days ago