Should I borrow on my secured loan or mortgage?

secured loan

I want to borrow some to money to consolidate all my credit and thought the only way out is to put it on my mortgage. I am tied into my mortgage til November and so will have a charge of £3000.00 to pull out. I could get a secured loan which is the same as a mortgage but you will get quicker money and wont incurr any charrges. What should I do?

Please help me. Thanks

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Categories : secured loan



I am concerned that you are going down the same road that led to these debts in the first place. After three years of emerging from the last crisis, it looks like the “pressure” is on again. I suggest that you do two things. 1) Reduce your outgoings 2) Increase your income.

On the first one, consolidating that loan with Barclays would cost you £196.33 per month without insurance at a typical APR of 6.8%. Check with your Bank to see if they can match that. Then choose the cheaper Provider.

Presumably, there is a reason why you are a Part-timer? Weigh up the costs of going full-time, or if not possible, of working a second job from home.

This two-pronged approach should get you off your credit treadmill. There are no victims, only volunteers!

The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please call 0800 085 3250 or go to.


which ever one has the cheapest interest rate. if your mortgage is a balloon and not a fixed rate….get a fixed rate, 30 year refinance. find out who has the cheapest rates and points..do your homework…before U borrow!


If you have other debts, and you miss a payment, they may call and complain.

If you consolidate those same debts into a home equity loan, and you miss a payment, then they can take your house away.

The 5-6 points of interest you save aren’t worth risking your house, and it’s much more important that you attack the principal and pay off the bulk of the loan, instead of saving a couple of pounds in interest.

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