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Simply put, it is a loan only available to property owners (or mortgage holders), where the lender can forcibly sell your house to get its money back if you can't repay. The 'secured' bit means the lender gets 'security' not you, as if there are problems, it can repossess your home. Sadly it is becoming more common that for those in financial difficulty even unsecured lenders can get what's called a 'charging order' on your home. This effectively means they have a call on the money from the sale of your house. Why would anyone want a secured loan?

Easier to obtain Unsecured loans are almost always cheaper for those with decent credit scores, but secured loans provide lenders with, well… security, so they're more willing to lend to poor credit scorers. Big borrowing is possible The maximum unsecured loan is £35,000 yet secured loans can be £75,000.Borrowing over a longer period Secured loans allow homeowners to borrow a large sum of money, usually at better rates than an unsecured option. They are sometimes referred to as 'homeowner loans' because most such deals require you to own a chunk of your house in order to qualify. Note, though, that it is possible to secure a loan against an asset other than a property. If you have equity in the home that you own and occupy and want to borrow upwards of £15,000 then this kind of borrowing could be right for you. The amount you borrow, the term and interest rate, all depend upon the equity you have in your property, your credit history and your personal circumstances. Never take such deals lightly - if you default on your payments you could lose your home. By securing the loan, you show the lender you can pay them back, even if you struggle to find the money.

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