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WARNING: Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.

SECURED LOANS

In a secured homeowner loan the borrower provides the lender with ‘security’ in the form of the borrower’s property, regardless of whether it is mortgaged or owned outright. Secured, or ‘homeowner’, loans are available in various amounts, usually ranging from £3,000 to £50,000, and for many different reasons, including e.g. debt consolidation. The amount borrowed is repaid monthly over a term agreed at the beginning. Terms usually range between short term loan from three years to long term twenty five years. Borrowers may be charged a penalty if a loan is repaid earlier than agreed. Any conditions of this type will be contained within lender’s individual policies and should be checked carefully by borrowers when entering into an agreement.

Lenders charge interest on the amount borrowed, referred to as the Annual Percentage Rate (A.P.R). The amount that can be borrowed, the term available and the interest rate all depend on the equity held in a property, the lender's opinion of the borrower’s ability to repay the loan and their personal circumstances, e.g. any adverse credit.

UNSECURED LOANS

An unsecured loan does not require the borrower to use their property as a guarantee or security for the loan. Typically, unsecured loans offer a little more flexibility to the borrower.

Unsecured loans are suitable for borrowers not looking to secure the loan against their property. They are, therefore, often the only option for people who have no property to secure the loan against (i.e. Tenants.)

Generally, anyone over the age of 18 can apply for an unsecured loan which normally range from between £500 to £25,000. However, lenders will normally take into consideration the borrower’s age, employment status and credit history when deciding whether to offer a loan. Unsecured loans are often taken out for home improvements, weddings, car finance, holidays or debt consolidation etc

Unsecured loans can be obtained even if a borrower has a poor history (e.g. CCJ's, defaults or late payments.)