No - many homeowners have a loan secured by a second charge sitting behind their mortgage.
As long as there is sufficient free equity in your property, you can have a secured loan with the secured loan charge sitting behind the charge for the first mortgage. This means, that if the house is sold, the proceeds firstly pay out the mortgage lender, then the loan lender and then you get the balance.
To qualify for a secured loan, you must of course, own your property. Then before the lender can proceed, it has to be professionally valued and a legal charge registered with the Land Registry. These procedures do take a bit of time and that's why it always takes a few weeks to get the money from a secured loan transferred to you.
It is possible to have more than one loan charged behind you mortgage. But if you are tempted to do this, you should first investigate a single debt consolidation loan to bring all your loans together. That way you can combine all your loan repayments into one single monthly payment. Ask for details.
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