What is a secured loan?
A secured loan is a 2nd or subsequent charge that allows the equity in your property to be used as security.
The existing mortgage is left in place and a 2nd charge is taken by the lender for the amount borrowed. Rates of interest are often lower than those charged for unsecured personal loans and are available for employed and self employed including individuals with a low credit score or poor credit history.
Secured loans can be an ideal solution to consolidating debts especially if redeeming your existing mortgage incurs penalties or you are on an excellent low penalty rate.
What can I use a secured loan for?
Funds can be used for most purposes including.