These are a way of obtaining equity out of your property whether it is your main residence or a property you rent i.e. a buy to let.
Rates are very lowat present, so if you are a person who is still tied into your current mortgage whether fixed or tracker then there is a way of obtaining more money for a new kitchen or bathroom, extension or loft conversion etc.
What many people do is take a secured loan and remortgage the whole lot back into one mortgage when their current deal has no more tie ins.
Of course, if you do take a secured loan there is no guarantee that you will be able to re-mortgage the whole lot so please be careful and best to Get in Touch before you take a secured loan.
TIP: The first port of call for you should be to contact your existing mortgage company to try to obtain a “Further Advance” (get more money) as the rates and fees are normally lower but if not then try a secured loan. If not Get in Touch and we will be glad to help