As a homeowner you also have the option of remortgaging. However, a secured loan may be the best solution, you should consider the following:
When did you arrange your current mortgage?
You may be liable for early repayment charges if you remortgage within the introductory or discounted rate period.
What effect have the recent interest rate rises had?
If your mortgage was arranged when interest rates were lower, your existing mortgage rate may be more competitive than current deals. By taking out a secured loan this rate would be protected.
Whether your circumstances have changed?
If your circumstances have changed in any way since your mortgage was arranged e.g. you have fallen behind with payments, you now have a lower paid job etc, you may not meet the lenders criteria. Which could mean that the remortgage deal you would be offered would not be as competitive as your current arrangement. By taking out a secured loan this would be avoided.
Whether you are looking to consolidate existing debts?
If the answer is yes, a secured loan is more flexible as you can determine your own repayment period, from 5 years, rather than pay off your debts over your full mortgage term.
What are your timescales?
If you need access to the money quickly e.g. if you need to pay a deposit, a secured loan is the best choice as you will receive the money in approximately 2 weeks.