And although you don't say what interest rate you are paying, they are usually higher than those on the high street, with harsher penalties for defaults, too, as borrowers tend to have less credit-worthiness.

However, despite their name, you may be able to legitimately loosen the secure loan and move on.

Secured loans – also known as homeowner loans – offer a way to borrow larger sums of money by using your home as equity. We will help assess whether if is best to remortgage or take a secured loan.

loans Whether you are looking to raise finance to clear existing debts, make a large purchase or carry out some home improvements, Mortgage Advice Services can take the hassle out of finding the best interest rate for Secured Loans and Unsecured Loans.

This means that unless you decide to apply for the loan, no record of you receiving a quote will be shown to other lenders looking at your credit file.

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Our experienced advisers offer a fast and efficient search of a wide range of lenders so you have the peace of mind that you will get the best rate available.

We will provide you with a completely free quote with no obligation to take out any loan.

In this scenario, you'd need to check the exact size of any early settlement fees and compare the monthly cost of a new unsecured personal loan versus your old secured loan.

However, the new personal loan will count against you in your new mortgage application and with high rates may not make financial sense.

If the numbers don't add up, says Gavin Brazg at property advice website then ask if you can transfer the loan to your next house, though there may be a fee and not all lenders will allow this.

The third, albeit unpalatable, choice is to take out an unsecured personal loan to pay off the £12,000.

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