Secured loans are similar to mortgages, in fact a mortgage is basically just a specific type of secured loan. Taking out a loan secured against your home is very similar to taking out a second mortgage, though the latter will typically come with better interest rates.
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Frequently Asked Questions
What is a secured loan?
How much do secured loans cost? The interest rate on your secured loan will depend on (a) the loan amount, (b) duration of repayment, (c) your credit score rating, (d) and the equity (value) you own in your home. The more equity you own in the property secured against the loan and the more it exceeds the amount you're borrowing, the cheaper your repayment plan will be.
Whats the difference between a secured loan and a second mortgage?
Is my property at risk with a secured loan?
With a secured loan, you may be able to borrow much more over a longer repayment term, and at a much lower interest rate, than you would with an unsecured personal loan. But you should always be careful and make sure that you keep up with payments as if you do default, your home will be repossessed.
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Last reviewed: 1 June 2023
Next review: 1 July 2023