Secured loans are for homeowner only

If you own your own home, or are in the process of buying it on a mortgage, then you could be entitled to apply for a secured home owner loan. Home owner loans are taken as a second charge on your property and the money loaned can be used for any purpose you may have in mind.

Perhaps you wish to make that dream come true and get that home extension; use the secured loan to consolidate all your other existing debts; perhaps give your children a good start when they set off for further education or university.

The secured loan company you approach for a loan will probably look more favourably at the deal as a loan secured on property gives the lender a greater sense of security.

Other factors which will be in your favour when applying for a home owner loan are: a good employment record; good credit rating; a couple with two incomes in the household; free equity of your property.

Before applying for a loan, once again, a careful assessment of your income and expenses is vital to ensure that you can comfortably make the repayments.