More and more people are apply for a loan and since property prices have risen dramatically over the last few years it is now highly likely that most homeowners who have owned a property for any length of time without re mortgaging will have a fairly large lump sum of equity tied up in the property.
A secured loan will often go towards home improvements or to pay for an expensive holiday or perhaps a family wedding.
These loans are available to homeowners as the property is an asset against the loan. Interest rates are more competitive than those for unsecured loans whereby borrowers do not have a property.
The secured loan amount is based on the equity of the property. People often apply for these loans if they have been refused a personal loan previously. Longer repayment terms and larger amounts are readily available.
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