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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.
What is an unsecured loan?: An unsecured loan is a loan where no asset is pledged as security for the loan. (The most frequently used security is the family home.)
What if I want to pay my Loan off early ?: Before agreeing to your loan, read the terms and conditions of the agreement. Some loans allow you to pay your loan off early without any penalties, however, some don't.
Should I get Personal Loan Payment Protection Insurance?: When you apply for a loan, you will be asked at the initial stages if you want personal loan insurance to be included in the agreement
Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?: You do not have to take out a secured loan in order to consolidate debt, but you are likely to pay a higher interest rate if the loan is unsecured and you are not a homeowner.

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 new home as security. However to do this there must be sufficient equity available in the new property, so you will have to be moving to a property of equal or higher value. This also depends on how much of your loan is left. If you are near the beginning of the loan term then the issue is more complex, whereas if you only have £5,000 left outstanding then there will be no trouble securing sufficient equity on your new property.

Alternatively you could request a settlement figure from the lender and pay the loan off in full. You could finance this by arranging a new loan secured to your new property.

In either case you will need to speak to your loan company over the phone or in person to see what options are available to you.

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.

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