Clear the cards and loans, and keep the mortgage deal you are already on.
Why a secured loan
A secured loan is normally quicker to complete than a remortgage, which commonly takes six to eight weeks. Nothing is certain until a lender has assessed you.
New second charge agreements were taken out in the twelve months to June 2026, worth £2.4bn, up 18% by number on the year before.Finance and Leasing Association
If it goes ahead, these balances are cleared on completion and the amount becomes a second charge secured on your home.
The loan sits behind your existing mortgage as a second charge. Your mortgage lender, rate and term stay exactly as they are, so a cheap fixed rate is not at risk. What you owed on cards and loans becomes one secured loan payment.
An illustration of how it works. Every home is different.
Specialist second charge lenders build their criteria around these and price for them, rather than declining outright.
Mortgage plus loan, measured against your home's value
| Longer term | Shorter term | |
|---|---|---|
| Monthly payment | ↓ lower | ↑ higher |
| Interest overall | ↑ more | ↓ less |
A longer term lowers the monthly payment but costs more in interest overall. Which way you go is your call, and your quotes show you both figures before you decide.