There are many sorts of loans on the finance market and one of these is called secured loans or another name for this product is homeowner loans. The reason for the name secured loan or homeowner loan is by dint of the fact that they are secured on the equity of property, making homeowners the only people who can apply.
Secured loans are a second charge on the property, and are recorded at the Land Registry as that behind the mortgage which is the first charge and is the loan used to buy the property in the first instance.
The usual value for secured loans is from 10,000 to 100,0000, but Link Loans lends from only 3,000
The maximum value for secured loans normally mean that, depending on sufficient equity, they can fund most purposes from vehicle purchase, weddings, school fees, etc. They are even of sufficient value to fund a second home either in your own country or abroad.
A common use for homeowner loans is as debt consolidation loans that unite all the outstanding debt balances into a single cheaper payment monthly.
Since the beginning of the credit crunch, secured loan interest rates were higher than they had been for some time, but now welcome changes are being seen with a 7.9% product recently seen by Link Loans and now, as of next week, Nemo, the Cardiff based lender are bringing out a new lower rate.
If a homeowner needs to borrow more than the maximum available for a secured loan, remortgages are a good option, as a remortgage has no restriction as to a maximum sum available, providing the borrower has the income and equity needed.
Remortgages have all the same uses as secured loans and with rates of interest from under 2% available, a homeowner is in a win to win situation whether he chooses a remortgage or a secured loan
Learn more about secured loan Stop by Champion Finance’s site where you can find out all about deals on remortgages for you.
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- As Interest Rates Are Low Homeowners Should Apply For Remortgages.
- Interest Rate Facts For Secured Loans, Mortgages And Remortgages
- Sort Out Debt Consolidation Or Buy What You Want With Secured Loans And Remortgages
- Take Out Remortgages Or Secured Loans To Buy A Foreign Property
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Tags: Credit Debt Consolidation, Debt Consolidation, homeowner loans, remortgages, remotgage, secured loan, secured loans