A secured loan must not be confused with a mortgage as they are 2 entirely dissimilar deals, the remortgage is switching your current advance for say a cheaper one and the second charge mortgage [http://www.best-mortgage-advice-uk.co.uk/secured-loans/] is when you take out another loan and have merely what the name suggests - two loans on one house.

One of the most popular reasons why homeowners take out a secured loan on their home is if they require a large amount of money for a particular reason. A second mortgage will as a rule give you extra cash than had you applied for a unsecured loan and of course you can select to pay back the secured loan over a longer amount of time.

A second mortgage - also sometimes called a further advance - will work in very similar provisions to the first mortgage you applied for on your property with one of the major factors in receiving the loan being the amount of equity you have. There are numerous other concerns that the bank will have such as your financial score - if your financial score is not at its finest then you possibly will be turned down by a few banks so it is sensible shopping around for a second mortgage.

One of the right ways of receiving the best plan with the lowest rate of interest is to look for on the internet. The web site will be able to provide you quite a lot of of the lowest deals for your mortgage which you can then evaluate and pick the one for your circumstances. It is very important that you at all times make sure that you have read the small print and terms and conditions of the second mortgage, there can be lots of hidden costs in the deal and this is where you will locate them.