Remember that on the UK Financial Ltd. website, we use the expression "mortgage" to refer to loans that are usually regulated by the Financial Services Authority, generally for first mortgages or remortgages where all existing loans are repaid with the new money, and loans to refer to other loans, some of which are usually regulated by the Consumer Credit Act , for example top up loans and second mortgages.

1. The secured personal loan
This is a loan given to a borrower and secured over property. The equity in the property is therefore put up as security in case the loan is not paid back. UK Financial Ltd. specialises in arranging this type of loan.

Upside: this type of loan is usually cheaper.
Upside: larger loan amounts and a greater choice of repayment periods may be available.

Downside: Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
Downside: Repaying your loan over a longer period to reduce your monthly repayments, is likely to mean that you will pay more interest overall.

2. The unsecured loan
This is a loan provided to borrowers without them having to provide security (e.g. over a house). The credit rating and/or financial position of the applicant is such that no security is required.

Upside: the application process is usually quicker. There is, for example, no need to have a valuation of your home carried out.
Downside: this type of loan is only available to people with good credit ratings and is usually a more expensive alternative to a secured loan.

Homeowners:
You may qualify for a secured personal loan, usually at a lower interest rate than an unsecured loan.

Tenants:
If you are a council or housing association tenant considering buying your home, you could qualify for discounts of up to 70% off the purchase price and buy your house with cash to spare.