Secured Loans are loans secured on property in much the same way as a mortgage. Secured loans are available for any purpose: debt consolidation, a new car, home improvements, holidays, even cash injections to a business. Any amount from £5,000 to £500,000 can be borrowed.

Many people take out long term fixed rate mortgages and perhaps half way through the fixed rate term they have a need to raise some cash. There may be a high penalty to be paid to come out of the mortgage so a remortgage is not an option, so a seciured loan is seen as a viable option.

The main mortgage secured on your home is classed as the first charge and any secured loan will be classed as a second charge.  As the second charge is secured on your main residence you must ensure that you keep up payments on the loan or you could have your home repossessed.

Secured Loans are relatively quick to arrange with a decision in a matter of minutes and the funds generally available  in around 2 to  3 weeks.