Click talk up secured loans

The secured loans broker believes in certain cases mortgage holders should bypass the charges and opt for a secured loan instead.

Steve Teague, chief executive at Click, said: “Every month, thousands of borrowers sign up to deals typically lasting anywhere between two and five years – but should they wish to free up additional capital before the deal is up, some may face horrendous fees from their current mortgage lender if they need to switch.”

Teague added: “Arranging a secured loan can make better financial sense for certain individuals needing to borrow more money - they won’t face any penalties or lose their mortgage deals.”