subject: *-a Secured Loan And A Remortgage And What They Mean . [print this page] Remortgages and secured loans are actually sorts of homeowner loans that have a lot in common with each other
However they on the other hand they also have a number of major differences between them.
One clue to the things that they have that are different in these two loans is in the names themselves.
What a secured loan is, lies in their past when its most commonly name was second mortgages
This old name clearly states what in fact secured loans are.
Therefore secured loans are mortgages that rank behind the first mortgage that bought the property.
The Land Registry records mortgages and secured loans are the same
The name secured also makes it clear that as the same as mortgages, secured loans require an asset which is the property.
The other homeowner loans of remortgages are very like their close relatives in that they need collateral, and as such only homeowners are eligible to apply .
On the same way remortgages, like secured homeowner loans need the security of a property, and therefore only those who own their homes can apply.
Like secured loans, what gives the meaning of the word remortgage consists in the name.
The first two letters of its name makes apparent that a remortgage must be the rearranging of mortgages.
This is what a remortgage is and it replaces the current mortgage with a new one from a different lender.
Sometimes a homeowner will use a remortgage to obtain extra money that can be used for any number of things, just as secured loans can.
Remortgages and secured loans can be used to do about anything from buying a car, home improvements. holidays, etc. etc.
