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The loan amount typically ranges from ?3,000 to ?50,000, but can sometimes find a lender for as much as ?250,000 on an appropriately secured property. The amount borrowed is then repaid on a monthly basis for a predetermined amount of time, typically between 3 and 25 years. Repaying the loan early may result in a penalty or extra fee attached, so be sure to consult your lender prior to signing any loan agreement.

Secured lenders charge you interest on your loan known as the APR, or annual percentage rate, based on your credit history, loan amount, and the value of your collateral (typically your property value). Second charges are also based on the above, but also include the amount of equity available in the property.
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