Secured Loans: If you are a home owner you can apply for a secured loan for the purpose of consolidating your debt. A secured loan is any loan which requires you to provide the lender with some form of security other than just a promise to pay. This security might be any number of things including a mortgage, goods and property such as your home. If you borrow money using a mortgage or your home as security, you're agreeing that the lender can claim the mortgaged property or your home if you fail to keep up to your a agreement.

Unsecured Loans: Home owners can also apply for an unsecured personal loan too. Unsecured personal loans are a debt which is not secured against any asset, equity or property. For this type of loan you can usually borrow any amount from £1,000 to £25,000 depending on your personal circumstances. The repayment period is usually short than that for secured loans and APR rates may be higher.

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