There are 2 main ways that you can borrow money against your home; either through a secured loan, or a further advance.
>A secured loan is simply a loan that is secured against the value of an asset, usually your property.
>When you take out a secured loan you are effectively putting your home forward as a guarantee to the bank that you'll repay the money you've borrowed in full and on time.
>A further advance is where you borrow more money alongside your mortgage, but again the additional funds will be secured against the value of your home.
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This post has been edited by MorrisJoane: Aug 26 2013, 10:18 AM