Also known as “Second Charge Mortgages”, secured loans are loans that are secured on your property, usually with higher rates of interest than standard mortgages. The reason for this, is because in the event of a repossession, the provider can only get their money back once the original mortgage has been repaid.
There is also an additional risk to higher rates and fees. Whilst secured loans are more expensive, once known as a “last resort”, they can often be just what is needed.
If the amount is small, your best bet would probably be unsecured borrowing. Taking out a secured loan means your current mortgage stays exactly the same. The new amount you want to borrow will be with a different provider on a separate direct debit. The length of the term you can borrow for, can either be longer or shorter than your main mortgage.
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