The application process is a lot longer with secured loans than with unsecured loans, due to fact that your loan provider will need to value your home.

However, it is easier for you to be approved for a secured loan because you are using your home as security. It is very likely that your loan is far smaller than value of your home, so loan provider will view it as less of a risk.

With a secured personal loan you can borrow from £5,000 to £75,000 with low monthly repayments. Loans secured on property can be repaid over a period of between 5 years and 25 years .

A Secured Personal Loan has following advantages:

Offers a flexible and fast way of raising cash

Loans are available for most purposes including clearing other expensive credit commitments

Since your property is used as security for loan you will be able to take advantage of special interest rates available

There are usually no valuation or legal fees to pay

Choice of sum borrowed at a monthly repayment you feel able to manage comfortably

Loans are available over a relatively short term

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A remortgage should be considered for a variety of reasons:

Reduce Outgoings

By switching to a mortgage deal with lower interest rates you could save a considerable amount over term of your mortgage.

Debt Consolidation

A remortgage can allow home owners to consolidate their existing debt into one manageable monthly payment. Debt consolidation makes life easier in short term and makes savings in long term.

Equity Release If your home has increased in value since you took out your mortgage it may be worth considering releasing some of tied up equity. Equity release can be one cheapest forms of borrowing.

The remortgage process is relatively simple, and process from start to finish normally lasts between 4-6 weeks.

In terms of costs there is no stamp duty to be paid, as you are not purchasing a property. Many lenders will pay some or all of your valuation and legal fees. In some cases there may be an arrangement fee or booking fee from new lender.

There may also be redemption penalties on your existing mortgage and you will need to take these into account when assessing how much money you could save by remortgaging.

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