Central Trust Secured Loans Review: Pros, Cons & Features
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Central Trust secured loans: At a glance
Central Trust welcomes applications for its secured loans from borrowers with all types of credit history, including bad credit. You can apply directly yourself or through a broker, with loans available up to 90% loan to value (LTV) and on a fixed and variable rate basis. The ability to seek customer support via live chat with a mortgage adviser is a standout feature among secured loan providers.
Central Trust also refers to its secured loans as second charge mortgages and homeowner loans, but these are all the same product with the same terms. The alternative names derive from the need to put an asset forward as security for the loan, which for a Central Trust secured loan must be your home. Importantly, this means that your home is at risk of being repossessed if you fail to keep up your loan repayments.
Partner SpotlightGet a quote without affecting your credit score.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.
Information for tenants
You must be a homeowner to apply for a Secured Loan via Norton
If you’re not a homeowner and would still like to search for a personal loan, then you can try searching for an unsecured loan via our loans eligibility service with Monevo.
Central Trust Secured Loan
3 to 25 years
£10,000 to £250,000
90%
Fixed and Variable
- Lending available in England, Wales, Scotland and Northern Ireland (Northern Ireland capped at 70% LTV)
- Employed, self-employed and contractors are eligible to apply
- Minimum time employed 3 months, Minimum 12 months self-employment history
This provider is available via our partner, Norton Finance.
Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
Important information: Neither our review nor star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Always check and compare a lender’s rates against others on the market when considering a secured loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.
Central Trust secured loans pros & cons
Pros
- Fixed and variable rate options are available.
- You can apply direct or through a broker.
- It offers email, phone and live chat customer support with an adviser.
Cons
- Shorter maximum repayment term than many other secured loan lenders.
- The range of loan amounts is fairly narrow.
The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the secured loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of secured loans that people feel are most important. They are not the only product features and restrictions that you should consider. You should align them to your personal circumstances. Information was correct at the time of publication but may have changed since.
Central Trust secured loans overview
Central Trust has been offering secured loans since 1988, and provides standard first charge mortgages, which are typically used to buy a home, and second charge mortgages for both residential and buy-to-let purposes.
Central Trust secured loans are available for up to 90% of the equity in the property being used as security for the loan, except in Northern Ireland, where the maximum is 70% LTV. Overall, the minimum loan amount that can be taken is £10,000 and the maximum is £250,000, while the repayment period over which you’re allowed to repay the loan can range from three to 25 years.
Customer support is available via phone, email and through live chat.
| Loan amounts | £10,000 to £250,000 |
| Term length | Three to 25 years |
| Maximum loan-to-value (LTV) | 90% LTV |
| Customer support | Phone, email, live chat |
| Trustpilot rating* | 4.8 stars (26 September 2024) |
* Rating relates to the Central Trust brand rather than its secured loan product alone.
Where Central Trust secured loans stand out
Low minimum property value
To be eligible for a secured loan through Central Trust the property you’re using as security for the loan must be worth at least £75,000. This is lower than some lenders allow, making Central Trust an option you may want to explore if a low property valuation means you’re not eligible to apply for a loan elsewhere.
Live chat support
If you like your queries to be answered quickly, Central Trust stands out from other secured loan providers in offering live chat customer support.
You can use a broker or apply direct
Whereas some secured loan providers can only be approached through a broker, Central Trust allows applications directly from borrowers as well.
Where Central Trust secured loans fall short
Narrow range of loan amounts
If you want a larger loan, the maximum amount of £250,000 that can be borrowed through Central Trust may not be enough – loans of up to £1 million are available elsewhere. At the same time, lower loan amounts than the minimum of £10,000 you must take with Central Trust are allowed by others.
Longer repayment terms elsewhere
The maximum repayment term of 25 years allowed by Central Trust will be sufficient for some, but if you want more time to pay back your loan, terms of up to 40 years are offered by some alternative lenders.
No loan calculator on Central Trust’s website
Certain lenders have loan calculators on their websites that allow borrowers to experiment with loan amounts and repayment terms, and perhaps get an idea of the rate and repayments they may face. However, there is no such calculator on the Central Trust site.
» MORE: Compare best secured loans
What type of loans does Central Trust offer?
Secured loans
Central Trust offers secured loans which require that you use the equity in your home as security for the loan you wish to borrow.
The advantage of using an asset as loan collateral in this way is that you may find you can borrow a larger amount or are offered a lower interest rate than through an unsecured loan where putting forward security isn’t necessary.
However, the major disadvantage is you’re putting your property at risk of being repossessed by the lender if you fail to repay your debt.
The size of the loan you’re allowed to take out will depend on the amount of equity you have in your property. This is the difference between how much your property is worth and the amount you have outstanding on your mortgage. Making sure the loan repayments are affordable could affect the loan amount you can take too.
The secured loans that Central Trust provides on residential property are capital repayment loans, which means that the monthly interest on your loan and some of the loan itself are paid off each month. As long as you make all of your monthly repayments, everything should be paid off when the loan term ends.
» MORE: What is a secured loan?
Secured loans for bad credit
Central Trust will consider applications for a secured loan from borrowers with all types of credit histories, including bad credit scores. The lender doesn’t specify a minimum credit score that you must have in order to qualify.
All bad credit secured loan applications are evaluated individually on a case-by-case basis, so if you have accounts in default, county court judgments (CCJs), an individual voluntary arrangement (IVA) which has cleared, or are on a debt management plan, Central Trust may still be willing to lend. You can also apply if you’ve missed payments (although no more than two within 12 months) or have restrictions or cautions against your home.
A secured loan may prove easier to get than an unsecured personal loan if you have bad credit as lenders have the security of your home to fall back on if repayments aren’t made.
However, it’s still important not to apply for loans you think you’re unlikely to get because unsuccessful loan applications will have a negative effect on your credit score.
» MORE: Secured loans for bad credit
What can I use a Central Trust secured loan for?
A Central Trust secured loan can be used for various purposes including:
- home improvements
- debt consolidation
- to raise funds to buy another property
- to start or grow a business
» MORE: Secured vs unsecured debt consolidation
Why do people take out secured loans?
Secured loans may be worth considering if you need to borrow a larger amount than an unsecured personal loan may allow. Others may also find it easier to get a secured loan than a personal loan, perhaps if they have bad credit or are self-employed.
» MORE: What are the differences between secured and unsecured loans?
Take a look at some of the other secured loan lenders we review.
Central Trust secured loan eligibility criteria
To be eligible to apply for a secured loan from Central Trust, you can either own your home outright or still have an existing mortgage on your property. Loans are available in England, Wales, Scotland or Northern Ireland.
If you want to apply for a Central Trust secured loan, you’ll need to have a:
- minimum income of £22,500
- minimum property value of £75,000
You can apply if you are employed, self-employed or a contractor, as long as you’ve been in employment for at least three months or self-employment for 12 months.
Note that income from pensions and certain benefits is accepted by Central Trust, and that you’re welcome to apply if you have bad credit.
It’s possible to check your eligibility for a Central Trust secured loan without affecting your credit score.
Central Trust secured loan features
Rates
Central Trust offers both fixed- and variable rate secured loans.
Choosing a fixed-rate product means your interest rate will remain the same for the period of time over which you’ve fixed, before switching over to a variable rate when the fixed term expires.
With a variable rate loan, the interest rate you’re charged could rise or fall – before opting for a variable rate, always check whether you could still afford your monthly repayments if they were to rise.
The actual rate of interest you’re charged will depend on a number of factors, including the loan amount, the length of the repayment term, your personal circumstances and your credit history.
Loan-to-value ratios
The maximum loan to value that Central Trust will lend to as a percentage of the value of your property is 90%, minus the outstanding mortgage you have on the property. If you want a larger loan that will utilise more of the equity in your home, other lenders offer loans at 95 LTV.
Making overpayments
It is possible to overpay on a Central Trust secured loan but you should always check if there are charges for doing so. Overpaying could mean you pay less in interest overall, though it’s important to always check the terms and conditions of a loan before making overpayments as there may be a cap on overpayment amounts.
Paying off a loan early
Central Trust will allow you to settle a secured loan early, but there may be a fee for doing so. Contact Central Trust first if you want to pay your loan off early.
Customer support
If you need to get in touch with Central Trust, the standout option is live chat, through which you can quickly call on the expertise of qualified mortgage advisers. Alternatively, you can email, write, or there are separate dedicated phone numbers for new and existing customers.
Customer ratings
The 4.8 stars out of five that Central Trust receives on Trustpilot equates to an ‘Excellent’ rating according to the review site’s evaluations. Admittedly, the pool of 230-plus reviewers is relatively small, but it is still impressive that 90% of those have awarded the lender the maximum five stars.
In addition, while the rating covers the Central Trust brand generally, secured loans are the lender’s primary focus, meaning the reviews are almost always relevant to those seeking a secured loan – getting similar insight into other provider’s secured loan propositions and service is relatively rare if they offer a broader range of products and services.
This information was correct as of 26 September 2024.
How can I apply to Central Trust?
If you want to apply for a Central Trust secured loan, you can do so directly yourself or through a broker.
When applying directly, you can make initial contact with Central Trust either over the phone, by completing an online enquiry form, or by beginning a live chat with one of its mortgage advisers.
Central Trust will then call you to talk through your requirements and help establish the level of monthly repayments you may be able to afford. The interest rates and loan terms you may be offered will be determined once you’ve supplied the relevant documents for Central Trust to assess.
If you change your mind after submitting an application, there is a 14-day cooling-off period in which you are able to do so.
What information do I need?
Part of the process of applying for a Central Trust secured loan will require that you supply certain information and documents to support your application. This is likely to include, but may not be limited to:
- your address details, and any other addresses you may have had in the previous three years
- proof of your income and employment status, typically through payslips, SA302s, and pension and benefit statements
- recent bank statements, to show your typical outgoings
How long does it take to apply?
Central Trust says a typical turnaround time for secured loan applications is between two and three weeks, though it could be faster, depending on the loan requirements and the speed with which you supply the necessary paperwork.
Central Trust FAQs
Central Trust is regulated and authorised by the Financial Conduct Authority, the financial services regulator in the UK. It is also a member of the Finance and Leasing Association (FLA) and adheres to the trade body’s FLA Lending Code, which sets out best practices for its members to follow in relation to consumer lending.
Warning: The Financial Conduct Authority (FCA) is warning there is a Central Trust ‘clone firm’, where fraudsters use the details of the genuine, authorised company to mislead customers. If you are not sure you’re dealing with the genuine company, its official website and contact details can be found at https://www.centraltrust.co.uk.
Central Trust is independently owned and part of the Norfolk Capital Group, through which Andrew and Sharon Turner invest in financial services companies. Companies within the group have provided loans, mortgages and other financial services and products to consumers and small and medium-sized enterprises (SMEs) since 1988.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.
Late repayments can cause you serious money problems.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
Review methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
You can view our full review methodology here.
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