A Secured Loan is a loan which is secured on to your property. Secured Loans can be ideal to sort out your finances by consolidating debts. They offer higher loan amounts and longer repayment terms.  What homeowners should be aware of is that using a mortgage to consolidate debts will increase the amount of credit secured against the home and that paying back previously short term debts over a longer period of time will mean that a greater total amount of interest will be repaid over the term.

Secured loans are also worth considering if you need to make home improvements, which can potentially add value to a property.

Benefits of a Secured Loan:

• Home Improvements - a Homeowner loan can make changes to your home, thus adding on value to the property.

• Debt consolidation - by consolidating a number unsecured debts and loans, a secured loan can consolidate all the debts into one monthly payment, thus lowering your monthly outgoings.

• Buy a 2nd property - a Homeowner loan can enable you to give you enough money to fund a deposit on another property.

• Avoid Early Repayment Charges on your mortgage - you may be tied in with an early repayment charge on your existing mortgage which can be thousands of pounds. A Homeowner Loan avoids having to remortgage, therefore saving you the pain of paying any early repayment charges on your existing mortgage.

• Only 1 months interest Early Repayment Charge - if you redeemed the Homeowner Loan before the end of the term, you will only have to pay one month's interest.

• Advances from £7,500 to £150,000 - from buying a new vehicle to buying a new property, the loan is subject to the amount of equity in your home and your affordability.

• Borrow up to 95% of value of your home - this is a high loan to value.

For further assistance, call us on 0800 612 7688.