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What is a secured loan?
Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
How long can I take the loan over?
How long you take the loan over depends on how much you need and how much you can afford to repay on a monthly basis.
Can I defer payment?
This depends entirely on the specific agreement you have made with the loan company – and you must read your terms and conditions carefully to see if you are entitled to defer your payments at any point.
What if I want to move house during the term of my loan?
Moving house is only an issue if you have a secured loan – as you have borrowed against the value of your house. How your loan company deals with this varies greatly. Some allow you to transfer your loan to your new property, using your
How much can I borrow with a debt consolidation loan?
The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

What is a secured loan?

Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.

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However, secured loans have a range of distinct benefits over other types of borrowing. Because of the lower risk to the loan provider, they pass on reduced interest rates to property owners. However, they’ve got more to offer than just attractive Annual Percentage Rates. Today secured loans come with all sorts of flexible repayment terms that will make it easier for you to repay, so it’s important to read the small print. Clauses to keep an eye out for include: ‘payment holidays' whereby you can halt repayments for an agreed period of time, and favourable redemption charges - so you won't be penalised if you want to pay the loan back early.

Secured loans are usually spread over a much greater timeframe than unsecured loans, which means that you’ve got a better chance of negotiating with the lender if you default on the odd repayment. Long repayment terms of up to 25-30 years also mean that it's easier to keep track of your finances, so you know where you stand for the duration of the term. With property as security you'll be able to secure a much larger loan, as loans offered to secured borrowers are calculated according to their property value.

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Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.