subject: Remortgages, Secured Loans And What To Do With Them. [print this page] Secured loans, which are also commonly referred to as homeowner loans, and remortgages are members of the family of loan products which are known as home loans.
Why this is the case is due to the fact that remortgage and secured loans are closely related to property in some way..
Loans that are needed to buy property are mortgages and mortgages are the first of the home loan group of loans..
A remortgage entails placing a new mortgage with a different mortgage lender, this means the moving from an existing mortgage provider to a different mortgage one and this can be for a number of different reasons.
Mortgages generally have a special set period deal that last for in the region of two years, although there are also shorter or longer periods , and many homeowners, at the end of the time, consider lots of remortgage to find out what good deals are on the market that would suit their circumstances. They can get in touch with mortgage providers themselves or it is often better to contact a whole of the market mortgage broker. who knows about all remortgage products.
A major reason for taking out a remortgage is frequently to obtain a better rate of interest and as rates really do vary tremendously from one provider to the other, it is common to be able to remortgage at a better rate , and in fact these lower rates are certainly achievable saving many a homeowner a great deal of money.
Right now interest rates are available on tracker remortgages from 1.84% for those at a maximum LTV of 60%,but even at 70% LTV a remortgages are available from 1.99%
There are fixed rate remortgages from 2.45% and fixing a low rate like this at the moment can save money over the years in mortgage payments, and this can mount to thousands of pounds.
The need to save money is one of the most important and main reason for remortgages, but this is certainly not the only one , as remortgages can be used to pay for just about anything. It is not the only loan that can be used for a great many reasons , as secured loans have the same uses as remortgages have.
Secured loans are also commonly called homeowner loans and this is due to the fact that they are secured on property and they can also be used for all the same purposes as remortgages.. Secured loans can be used for buying a car or even to buy a second property or a holiday home at home or abroad.
They, just like remortgages, can be used to pay for almost anything including a far flung to anywhere in the world, weddings or almost any other legal purpose, including home improvements of all types.
It is surely apparent why remortgages and secured loans are very popular as they have so many uses.
by: Bertie Kelly
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