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More people are turning to secured loans. Mortgage borrowers have been locking themselves into fixed rate mortgages in increasing numbers over the last 12 months. At the same time a rising number of mortgage applications have been turned down.

But what about those who need to raise money , for whatever reason, and find themselves unable to extent their mortgage or remortgage their property (because their income won't support the new multiple) or because they face substantial early repayment charges on their existing mortgage?
Secured Loans are seen as one potential answer. Robert Sinclair , Director of the Association of Finance Brokers, says: "Mortgage brokers are increasingly using secured loans as an appropriate part of their advice to customers. It's also good to see that in many companies this is seen as a specialist area and they are encouraging specific individuals to focus on this sector".

One of the key advantages of a secured loan is that you may schedule payments for up to 25 years , making monthly outgoings smaller ( remember , however , that the longer you take to pay off debt the more interest you'll have to shell out.)

Secured Loans can also be useful for those who ave County Court Judgements (CCJ's) against them. Lenders are usually more willing to grant a loan to those with a poor credit history , as the loan s backed by the property.

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