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It’s that time of year when many of us think about consolidating some of the loans and credit cards we have into one loan possibly at a lower monthly payment.

Available to homeowners is a secured loan, which as the name suggests is secured on your home. This allows you to take the loan over a longer term than a personal loan and potentially pay a lower monthly payment.

These loans can also be used for home improvements etc and are an excellent way of raising funds if you are currently ‘tied in’ with your existing lender.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

The Financial Services Authority does not regulate Unsecured or Personal Loans

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

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news provided by moneyfacts.co.uk on 07/01/2009