SECURED LOANS EXPLAINED

A secured loan (also called a second charge mortgage or homeowner loan) lets you borrow money using your home as security. It sits alongside your existing mortgage rather than replacing it.

As with other loans, you make monthly repayments of what you have borrowed plus interest. The interest rate can be fixed or variable, depending on the loan you choose.

Secured loans can let you borrow larger amounts than an unsecured personal loan, and over a longer term. A longer term can lower your monthly payments, but you will usually pay more interest overall. Because the loan is secured on your home, your home is at risk if you cannot keep up the repayments.

Is a secured loan right for you?

A secured loan is not always the best option. Depending on your circumstances, a further advance from your current lender, a remortgage or an unsecured loan may cost less. When we advise you, we will consider these alternatives and explain why we are recommending a particular option.

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To talk through your options with no obligation, contact us.