Secured loans

A secured loan is a loan that is secured against your property, meaning you can usually borrow more than if you were borrowing on an unsecured loan (this is all subject to the equity that you have in your property)

 

How you can use a secured loan

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A secured loan can be used for whatever you like. The only difference between a secured and an unsecured loan is that a Secured Loan is secured against your property. This usually means that you can borrow more at a lower rate. A secured loan is ideal for larger-scale projects such as home improvements, renovations, debt consolidation, and more.

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Examples of ways you can use a Secured Loan:

• Debt consolidation

• Home improvements

• Buying additional properties

• Purchasing a freehold property

• Early release from a mortgage

 

Consolidating debt

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If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments and make the debt more manageable. As a Secured Loan is secured against your property lenders are able to be a little more flexible when it comes to poor credit reports. By securing unsecured debt on to your home, it does mean that failure to make the payments means that your home may be at risk. However, if you would like to look into this option then we will be more than happy to talk you through the pros and cons.