A secured loan is a second charge placed on your property when sometimes a remortgage may not be available or appropriate. Some reasons for taking a secured loan above a mortgage might be
- You are on an interest only mortgage and do not want to disturb your existing arrangements
- You may have early repayment penalties on your existing mortgage
- You may need to raise capital for purposes not permitted by a remortgage
Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.