I Have A Good Credit Record, But Are There Limitations Attached To A Secured Loan?

If you have a good track of credit repayment, loan providers will often offer secured loans for more than the value of your property, possibly as much as 125 per cent. Subject to your personal circumstances, local property values and remortgage prospects, a loan secured against property can frequently be the best value option.

The beauty of a secured loan is that they are quick and pain-free to arrange even if you have an existing mortgage in place. There are also far fewer set up expenses involved with a secured loan compared to releasing capital by selling a house and moving home.

One of the other attractions of a secured loan for many people is the fact that you are more or less free to use the money for any purpose you see fit. So, unlike a car loan which can only be used to buy a car, a secured loan offers much greater freedom on how you spend it.  For example, if you were able to drive a particularly hard bargain down the car dealer's forecourt, you could then use the surplus to go on holiday.