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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 interest rate will I pay and is it negotiable?
Interest rates vary from lender to lender, and it all depends on how much you borrow, and over what period of time.
What is the maximum value of the secured loans I can have in relation to the value of my property (LTV ratio)?
The industry average for the LTV ratio (Loan to Value Ratio) is 75%. This means that if your property is valued at £100,000 – you will be able to borrow £75,000 against it. It may be possible to get more than that – for example 85% or 90% - however you will need an excellent credit history and must in general be considered a ‘no risk’ customer by the loan provider.
What happens if I want to borrow more?
To borrow more you have the option of either taking out a new loan independent of your other loan(s), or arranging with your loan provider to add onto your existing loan.
I am having trouble making repayments on my loans, should I get a debt consolidation loan?
If you have a number of debts and are having trouble managing them all, then a debt consolidation loan may be your only option.

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.

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However, secured loans have a range of distinct benefits over other types of borrowing. Because of the lower risk to the loan provider, they pass on reduced interest rates to property owners. However, they’ve got more to offer than just attractive Annual Percentage Rates. Today secured loans come with all sorts of flexible repayment terms that will make it easier for you to repay, so it’s important to read the small print. Clauses to keep an eye out for include: ‘payment holidays' whereby you can halt repayments for an agreed period of time, and favourable redemption charges - so you won't be penalised if you want to pay the loan back early.

Secured loans are usually spread over a much greater timeframe than unsecured loans, which means that you’ve got a better chance of negotiating with the lender if you default on the odd repayment. Long repayment terms of up to 25-30 years also mean that it's easier to keep track of your finances, so you know where you stand for the duration of the term. With property as security you'll be able to secure a much larger loan, as loans offered to secured borrowers are calculated according to their property value.

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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.