A secured loan or second charge is finance borrowed in addition to a pre-existing mortgage. Secured loans are only available to homeowners and work in the same way as a mortgage, with the credit placed against the value of the property. Although there are some similarities between a secured loan and a mortgage, the two products are completely separate. A secured loan is a different product to a further advance on an existing mortgage that you may have. We can introduce you to experts in this area.
|Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.|
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