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But they are much more risky for you as a borrower because the loan provider can repossess your home if you do not keep up repayments.
There are different names for secured loans, including: Debt consolidation loans that are secured on your home can be first or second charge.
Because the loan isn’t secured on your home, the interest rates tend to be higher.
If you are unhappy, your first step should be to complain to the loan company.
You can get a further advance on your mortgage – where you borrow an additional amount of money against your home from your current mortgage lender.
This is an option if you’re looking to pay for some major home improvements or to raise a deposit to buy a second home, for example. You borrow money from a bank or another lender and agree to make regular payments until it’s paid in full.
A secured loan is money you borrow that is secured against an asset you own, usually your home.
The interest rates tend to be cheaper than with unsecured personal loans, but it can be a much riskier option so it’s important to understand how secured loans work and what could happen if you can’t make the payments.