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Home Loans

What is a secured Home Loan?

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A secured Home Loan, also known as a ‘Homeowner Loan’ or ‘Second Charge Mortgage’ is designed to help homeowners get access to funds for major purchases, consolidating existing credit or funding home improvements.
Traditional terraced UK homes that use Tandem Home Loans to make improvements.

Lower interest rates

Home Loans are secured against your property, which means your home may be at risk if you are unable to repay the loan. But because we have this security, we can typically offer lower interest rates and longer terms than an unsecured loan.

Larger borrowing power

With a Tandem Home Loan, you could borrow anything from £10,000 to up to £250,000 and you can spread your repayments across 36 months to up to 360 months (30 years), set up to suit your monthly budget.
A young adult couple standing in their new home, looking at house renovation plans that were made possible with a Tandem Home Loan.
Please think carefully before securing debts against your home – your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it. If you are thinking of consolidating existing borrowings, you should be aware that you may be extending the term of the debt, therefore increasing the total amount you repay.
POTENTIAL BENEFITS

What can a Home Loan be used for?

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Debt consolidation*

Pay off any existing unsecured loans or credit cards, by consolidating your debts into one easy monthly payment.

Home improvements

If you’re looking to repair, renovate or rebuild, a Home Loan could help front the funds you need to get started.

Private landlords

You may be able to take out a secured Home Loan against your buy-to-let rental property to help with improvements.

*If you are thinking of consolidating existing borrowings, you should be aware that you may be extending the term of the debt, therefore increasing the total amount you repay.
Home improvement

A secured Home loan can help your house feel more like a home

Home Extensions

Got your mind set on a home extension or conversion project? A secured Home Loan could help you make it happen sooner.

Redecorating

Perhaps it’s time to give your interiors the attention it deserves. We may be able to help you bring your vision board to life.

Adding Property Value

If you’re working your way up the property ladder, a Home Loan could help you add more value to your current property.
PROS AND CONS

Is a Home Loan right for you?

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Flexible terms

You could borrow anything from £10,000 to £250,000 and spread your repayments across 36 to 360 months.

Monthly repayments

Using Direct Debit, we’ll take your repayments automatically from your chosen account each month.

EPC discount

You could be eligible for a rate reduction of up to 0.3% if your home has an energy efficiency (EPC) rating of A or B.

Secured debt

As the loan is secured against your property, your home may be at risk if you fail to repay it.

Variable interest

There is a risk that your monthly loan payments may increase or decrease unexpectedly.

Credit score impact

Failing to make payments on time or defaulting on the loan can negatively impact your credit score.

*If you are thinking of consolidating existing borrowings, you should be aware that you may be extending the term of the debt, therefore increasing the total amount you repay.
How it works

Steps to secure a Home Loan

Applying for a Home Loan should be simple. At least that’s how we see it. And we’re with you every step of the way.

How do credit checks work?

At first, we only do a ‘soft’ credit check to see if you might be eligible and to give you a quote for your loan. Soft checks help to protect your credit score. A ‘hard’ credit check will only happen if you accept your quote.
FAQS
FAQs

Got a question?

We’ve got answers! Explore our most common home loans questions, or head to our full FAQ page to find more.
How does Tandem ensure my details are safe?

We follow the very latest in secure data handling practices, and we work hard to make sure that your details are safe at all times. Additional information about how we use and store your data can be found in our Privacy Policy.

If my loan application is denied, can I try again?

After a break of 6 months, if your circumstances have changed and you would like to apply again for a Tandem Home Loan there are no restrictions on you doing this. You can check your credit file at Equifax, Experian and TransUnion. You could contact Money Helper website for free, impartial advice.

Can I consolidate existing debt with a Tandem Home Loan?

Consolidating existing debts means you will have a single monthly repayment and will know exactly when this is. You may also find that you can reduce your monthly outgoings if you are consolidating debts that have a higher interest rate than the loan you take. However, by consolidating your debt, you may increase the amount you pay back overall therefore extending the repayment period of your debts.

Can I use a Home Loan as an alternative to a re-mortgage?

A secured loan can be an alternative to a re-mortgage if, for example, you have a low interest mortgage which you don’t wish to move away from but need additional funds. But always consider all options out there, before securing debts against your home.

Is my home at risk if I can’t repay the loan?

If you have taken out a secured Home Loan, your home is always at risk, as with any loan or mortgage secured against your property. Your home may be repossessed if you do not keep up your repayments.

How do you decide what rate to charge me?

The rate you receive is based on your personal situation and is dependent on many factors such as your credit history, credit rating and financial status.

Will applying for a Home Loan affect my credit score?

When you apply for a Tandem Home Loan, we conduct a soft credit search, which will not affect your credit score. However, if you are approved in principle for a loan and you accept your quotation, we will then conduct a hard credit search which will leave a record on your credit file that other lenders and organisations can see.

Am I eligible to apply for a Home Loan?

If you’re a UK resident aged 21 or over, and you own your own home, you are eligible to apply for a Tandem Home Loan. T&Cs and other eligibility criteria apply.