If you're looking to borrow a large amount of money - over a long period of time, then a secured or homeowner loan might be an option.
Homeowner loans allow the borrower the opportunity to borrow larger sums of money than with a personal loan, however in order to guarantee that the money will be repaid, the lender will use your home as security against the loan.
Personal loans tend to be given for amounts up to £25,000 however with a homeowner loan you could borrow up to the region of £500,000.
Secured loans usually offer longer payments terms too, often between three and twenty-five years.
Benefits of a homeowner loan include lower interest rates than many personal loans. This is why many people use this type of loan to consolidate their debts, as it could be a way of lowering your monthly repayments.
Secured loans should not be taken lightly – if you are unable to keep up with your repayments then your home may be at risk. Before agreeing to any type of loan, you should always be aware of the terms and conditions that go alongside it, so be sure to read all the small print before signing on the dotted line.