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A secured loan is where you use your property as security against the loan, so the lender is able to balance the risk of lending to you. Secured loans allow you to borrow more and repay over a longer period than a personal loan - up to 25 years (depending on your age). They can normally be used for almost any purpose and can be offered to people who may be excluded from other loans. The amount that can be borrowed, the term available and the Annual Percentage Rate (APR) will depend on:
the value of your property
your ability to repay the loan
your personal circumstances
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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