What is a secured loan?
A secured loan, also known as a Homeowner Loan is a loan that is secured against your property. This means that you’re able to borrow larger sums of money usually at lower rates. A Homeowner Loan allows you to borrow £20k+ to purchase anything from a car to home improvements.
How you can use a secured loan
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.
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
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. Because a Secured Loan is secured against your property lenders are able to be more lenient when it comes to poor credit scores. If you’re thinking of using a homeowner loan to consolidate debt, our advisers can help you every step of the way.
To get a quotation and find out if a secured loan is right for you please get in touch and one of our network agents will be happy to help.