So what does a personal Secured Loan or second charge mortgage in the UK mean to you or I? In layman’s terms this is a loan where the repayments are guaranteed by the customer by securing part of their property as security. In the last few years house prices in the UK have increased dramatically. This has meant that many people now have equity in their property that under normal or average housing market conditions would not have. This equity can be used as security to gain a secured loan or homeowner loan as they are also called. A secured loan differs from your conventional personal loan or unsecured credit as it often offers better rates and lower fees. Also they can lend more money over a longer term than a personal loan. They can be used for almost any purpose and can lend to those people that their circumstances make them unable to attain a normal personal loan. Although there is a massive market for secured loans and plenty of secured loan providers or lenders secured loans do tend to offer an overall better deal than personal loans, unsecured credit, credit cards and high interest hire purchase/ hp agreements.

Secured Loans can be offered to those who are self employed, even on a self certification basis without business accounts. They can be provided to those with adverse credit or a poor credit history. Secured loans can also be available to those with previous mortgage arrears, defaults, ccjs (county court judgments), those with an IVA or even ex bankrupts depending upon the equity in their home or property. They are available to those who are renting out their property through buy to let as long as there is enough equity to secure the loan against.

Personal Secured loans can also be used for almost any purpose. They are often used for debt consolidation or refinancing existing debts. They are also used for holidays. To buy a car or for home improvements to get that conservatory or extension you have been promising yourself for years. Although another option would be to remortgage to use this equity to gain finance many people find they are tied into their mortgage provider and so this is not possible. If it is possible a mortgage company can charge massive redemption penalties that often run into thousands of pounds. You should check this out. A secured loan avoids these penalties and avoids the need to leave your mortgage company at all and therefore often works out a very cost effective option.

A secured loan can be used to borrow more money and over a longer term than a personal loan. Foe example personal loans tend to range from one to five to ten years. A secured loan can be spread over five to even thirty years. This can dramatically reduce your monthly repayment. Do be aware however that you have to pay interest for a longer time then and therefore this will affect the overall amount that you will pay back. Secured loans can be used to borrow larger amounts that personal loans offering amounts between £5000 and £100,000. Even if you don’t have that much or no equity in your property some lenders will offer a secured loan up to 125% of your property value. These are unsurprisingly not the lenders that offer the highest of the interest rates either. Therefore secured loans are particularly suitable to those looking to borrow a large amount or want to used one finance for multiple purposes e g some to consolidate all debts into one and some left over for home improvements and a wedding for example.

Secured loans can be a fast, efficient, cost effective, hassle free and cheap way of raising the money that you need. To have an expert find the best secured loan for you and your personal circumstances visit www.easyukloans.co.uk and they will take you through all the options available to you. They will search all their lenders studying their criteria to find you the cheapest and most suitable that you will be accepted for. They really are the secured loans experts at easyukloans.