A secured home loan, as the name suggests, is a loan secured upon a property based on the equity available, whilst retaining your existing mortgage and attracts a lower rate of interest than an unsecured loan. A secured home loan tends to be more flexible, easier and quicker to process and requires no upfront survey, legal or other fees.
you are trying to raise a large amount
you are having difficulty getting an unsecured loan
you have a poor credit history
You will be able to borrow over a longer period of time (usually up to 25 years) to minimise your repayments
You will be able to borrow a larger amount (up to £125,000)
The lenders will be more flexible with their underwriting, making a secured loan possible when you may have been turned down for an unsecured loan.