Confused about secured loan repayment options

Gemmajane

Hi
I took out a secured loan last year to pay off some debts incurred during my divorce. This included paying for a degree and a car to give my self a career and better opportunities for gaining work/income.
The secured loan repayments are only £203pcm over 10 years but the rate means I'll be paying a phenomenal amount of interest on this, so I looked to get an unsecured loan at a much lower interest rate over a greatly reduced term (with Sainsburys) but in their exclusions it says their loans cannot be used to pay off any part of a mortgage, As this secured loan is a second charge mortgage I feel a bit trapped now. Why would it matter to them? Are all lenders likely to share this view?
I need to be careful of what I apply for as my income is still relatively low as I am only now in a position to start looking for work as a counsellor.
Am I stuck with this loan for the duration?
It wouldn't be the end of the world if i couldnt change things as my repayments are low, and my actual mortgage is only £210 per month, it's just awful seeing that I could save myself a lot of money and not feeling able to *sulking a bit*

[Deleted User]

Overpay as much as you can.

And stop sulking.

Both will make you happier.

System

I doubt you'd get a loan anyway, or certainly not one with a worthwhile interest rate due to your income and existing outgoings.

MEM62

The question is, are you likely to get an unsecured loan at a lower interest rate than a secured loan? It would be unusual for this to be the case.

As advised by zx81 just overpay as much as you can and reduce interest that way.

Thrugelmir

Over pay the secured loan. You may need flexibility should the amount required to pay your mortgage increase.

zippygeorgeandben

It's important to consider not just the interest rate and monthly repayments, but also the term of this loan compared to the remaining term of your existing loans/debts.