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Are you looking to use the equity in your home as security against a new loan? Then, Equifinance could be a good option as it specialises in providing second charge mortgages to homeowners. Whether you have experienced financial difficulty in the past, or you are new to your current job or self-employed, Equifinance is a one-stop solution that will offer you lending products to suit your circumstances.

Equifinance loans: How do they work?

As a second charge mortgage lender, Equifinance helps customers who are in the process of improving their financial situation or who need funds for debt consolidation, home improvements, or a bigger purchase. Hence, without the need to remortgage your home or change your existing mortgage, you can use the equity in your home as a guarantee against a new loan.

Equifinance second charge mortgage loans may sometimes offer lower interest rates than other loans, in addition to longer repayment terms. However, you must think carefully before applying for this type of loan as it puts your home at a risk, which means that if you don't make repayments you may lose your property.

What is the Second charge mortgage commonly used for?

  • Debt consolidation: Clients who have unsecured debt can use a second charge mortgage with Equifinance to pay off unpaid debts with a single, lower installment payment.
  • Home improvement: For those in need of finance for an extension or a renovation of the home, a second charge mortgage could provide them with the required capital.
  • Major purchases: A second charge mortgage could also be beneficial for those with a wedding to pay for or even to pay for a family holiday.

Equifinance secured loans: Key Points

  • You can repay your loan over 3 to 25 years and you must be at least 21 years old to apply.
  • To apply for the loan, you should be living in England, Wales, or Scotland.
  • Your loan term should end before your 80th birthday.
  • There are both fixed and variable rates available for you to choose from, which means that you may choose to fix your interest rate for a specified period of time.
  • You can borrow up to 100% of the value of your home, less the outstanding mortgage, from £5000 to £250,000. However, the amount you can borrow will depend on factors including your credit score, the equity in your home, and your income and outgoings.
  • Equifinance also considers applications from people who are self-employed.

Loan providers, loan types and loan terms

LendersLoan type Loan amount Loan terms  
Bamboo Personal LoansPersonal Loan£1,000 to £5,0001 to 5 yearsCompare Loan
BeSavviPersonal Loan£1,000 to £10,000 2 to 5 yearsCompare Loan
Everyday LoansPersonal Loan£1,000 to £15,000 3 to 5 yearsCompare Loan
1st Stop Personal LoansPersonal Loan£2,000 to £15,0002 to 6 yearsCompare Loan
Hitachi Personal FinancePersonal Loan£1,000 to £25,0002 to 5 yearsCompare Loan
Leap LendingPersonal Loan£500 to £25,0001 to 5 yearsCompare Loan
LendablePersonal Loan£1,000 to £20,0001 to 5 yearsCompare Loan
Lending WorksPersonal Loan£1,000 to £25,0001 to 6 yearsCompare Loan
Likely LoansPersonal Loan£1,000 to £25,0001 to 5 yearsCompare Loan
My Community FinancePersonal Loan£15,00 to £25,0001 to 5 yearsCompare Loan
Shawbrook BankPersonal Loan£1,000 to £35,0001 to 7 yearsCompare Loan
ZopaPersonal Loan£1000 to £250001 to 5 yearsCompare Loan
Admiral LoansPersonal Loan£1000 to £250001 to 5 yearsCompare Loan
KoyoPersonal Loan£1,000 to £5,0001 to 3 yearsCompare Loan
LiveLendPersonal Loan£1000 to £120001 to 5 yearsCompare Loan
118 118 MoneyPersonal Loan£1000 to £50001 to 2 yearsCompare Loan
RAC LoansPersonal Loan£1000 to £350001 to 7 yearsCompare Loan
RateSetterPersonal Loan£3,000 to £25,0001 to 5 yearsCompare Loan
Amigo LoansGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
BambooGuarantor Loan£1,000 to £8,0001 to 5 yearsCompare Loan
Buddy LoansGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
George BancoGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
Guarantor My LoanGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
1+1 LoansGuarantor Loan£1,000 to £10,0001 to 5 yearsCompare Loan
TrustTwoGuarantor Loan£500 to £10,0001 to 5 yearsCompare Loan
Fluent MoneyHomeowner Loan£10,000 - £250,0001 to 25 yearsCompare Loan


How do I apply for the loan?

Equifinance loans can only be applied for through authorised brokers. At FreePriceCom-pare.com, applying for an Equifinance loan is really quick and easy. Simply click on the "Get Quote" button above to get things started. An adviser will then call you to discuss your application after you have filled in your contact information and details about your property value and mortgage.

Do I need a valuation of the property?

To assess the appropriateness of the security and to ensure that the loan to value (LTV) ratio is within its criteria, Equifinance will require a valuation of your property. The valuation will be completed either by an RICS surveyor or through an automated method of valuation.

How can I make repayments?

Equifinance can take payments over the phone, online by its website, through bank transfer or standing order, and even by cheque.

Will I still be accepted for the loan, if I have bad credit?

Equifinance considers each case on its own merits. The outcome will depend upon your circumstances and you may still be accepted even if your credit history is less than perfect.

Benefits of the Equifinance loan

One of the many advantages of a second charge mortgage is that you can escape the early redemption charges. You can potentially repay existing high-interest debt or perhaps get back on the road with a new car purchase.

How can we help you?

At FreePriceCompare.com, you can apply for an Equifinance loan quickly and easily. Our goal is to provide you with the best possible service. You can give us a call and easily find a broker and we will do our best to help you.

You can also use our free service to compare rates from the UK's leading lenders. Our aim is to help you identify the lowest possible mortgage rates. We can also assist you in comparing the Equifinance homeowner loan with the wider homeowner loan market and suggesting potential savings.


If you borrow £34,000 over a 15-year term at 8.26% p.a. (variable), you will make 180 monthly payments of £370.70 and pay £66,726.00 total, which includes the interest of £28,531.00, a broker charge of £3,400.00 and a lender payment of £795.00. The overall price for comparison is 10.8% APRC representative.

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