Secured loans also known as 'homeowner loans'

A secured loan – also known as a ‘homeowner loan’ - is where the loan is secured against an asset – in most cases, this is your home. This means that should you default on your secured loan repayments, the loan provider has a ‘charge’ against your home, which gives him a guarantee of sorts that he will get the money he loaned to you back.

Because of this financial protection, secured loans tend attract lower interest rates, as well as giving you the potential to borrow larger sums of money over a longer period of time than traditional unsecured loans. Many secured loans also offer additional benefits, such as penalty-free early repayment and repayment holidays.

In most cases, secured loans can be used for almost any purpose, for example, for paying for a second home, to home improvements such as an extension or to consolidate high interest unsecured debt. If you need a loan, the internet will help you to find the best secured loan deal for you.