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Secured Personal Loan

Borrow more than you could before and at a lower rate against your home.

A secured personal loan is secured against your home, so it's only available to home owners. The advantage over unsecured lending is that by putting up collateral (and usually borrowing a large amount) you benefit from a low interest rate. Be aware though that a secured personal loan is usually at a variable rate, and you are therefore at the whim of the exchequer.

A secured personal loan is also called a homeowner loan- because your property is put up as security for the loan. So if you don't have a mortgage (or own your property outright) then an unsecured loan is the only way forward.

The world of the secured personal loan is changing though. Right now, you get a better rate on a secured loan, not just because of the property, but also because in most cases the loan is at a variable rate, just like a mortgage. Therefore you get offered a near-base interest rate; which is great for buying the car or holiday you wanted (although some banks will only lend at their best rates for home repairs).

However, as we become more European, we are likely to move to the continental system; where variable rates are almost unknown; and most mortgages and large loans are at a fixed rate. This will almost certainly push up rates, but that will also mean there's little difference between a secured personal loan and its unsecured cousin.

Use a secured personal loan, then, for larger borrowing amounts, and over longer periods- very much like a second mortgage and (for now) respected as such in the lower rate.