subject: Secured Loans And Remortgages Facts. [print this page] A remortgage and a secured loan are homeowner loans available to no one except homeowners.
Remortgages and secured loans are homeowner loans that are only ever granted to people who actually own their property and this is due to the reason that they are secured on the asset of a property.
People need to know what the interest rates are, if remortgages or secured loan are a better option, how long it takes to receive the money what the loan can be used for and so on.
Yet another thing that people want to find out about is ff they will incur a penalty if they clear the remortgage or secured loan early.
Considering interest rates, the truth is that remortgages and secured loans both have low rates of interest and remortgages have rates from under 2% and secured loans are available at the moment from just about 9%.
All interest rates are not the same and there are many different rates which vary depending on the amount of equity in a property, and the lowest rate of under 2% is only available to homeowners who have at least 60% LTV, and this rate is for a tracker remortgage
When mortgage or remortgages rates are fixed the interest rate is higher than a tracker, and the longer the fixed period, the higher is the interest rate.
Remortgages take about four weeks to pay out and a secured loan takes almost half of that .
Secured loans applicants must all be given an eight day consideration period.
Therefore borrowers must be provided with a copy of his credit agreement and eight days later the signature copy is sent to him by post.
Both remortgages and secured loans can be used for almost any purpose and are very commonly used as consolidation loans
These fact are only a little of those needed, and the person do give you all the other facts is a mortgage or secured loan broker who can tell all the facts that you want.
by: George Rennie
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