When you're looking for a loan, one of the first issues you'll need to decide is whether it should be secured or unsecured. The decision is seldom straightforward so here are a few pointers.
Before we start, it's important for you to understand the difference between the two sorts of loan.
With secured loans, you agree to allow the lender to register a legal charge on your property at the Land Registry. As most homeowners already have a mortgage that's secured by a first charge on your home, the loan company has to agree to take a charge that ranks behind the first charge. Then, if you sold your house, your solicitor would firstly repay your outstanding mortgage and then the remainder is used to repay the second charge (and any other registered charges). Only View the rest of this article
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