Homeowners Can Save A Lot By A Remortgage Or A Secured Loan

When a person decides that he wants to buy something

, especially if it is a large purchase, he will normally need a loan of some kind.That is unless he or she is one of the lucky few who have enough money in their bank account at any given time to enable them to purchase anything that their heart desires.

For about half of the UK population who only rent their home, there is little choice, when they need to raise money, than to apply for a personal loan from either their own bank or from a lender such as Blackhorse who grant unsecured loans, although at fairly expensive interest rates.

For homeowners wanting funds there are the two main options and these choices are either by a remortgage or a secured loan, as both have interest rates that are lower than the rates for unsecured loans. Therefore those who own their own homes should take advantage of the low interest rates that are available to them by these two means.

When buying something expensive, great savings are to be made by paying by a remortgage which has rates from 1.84% or secured loans at 9%.

In fact, often a remortgage or a secured loan is an even more advantageous way of raising funds than appears at first glance, as it is not only the low interest rates that grant great savings.

With cash in hand by remortgages or secured loans the homeowner can save money.

When homeowners want to buy a car, the remortgage or secured loan comes into play.

However, the interest rate can be quite high , and more importantly you are paying the full price for the vehicle.

By arranging a secured loan or a remortgage you have the money in your hand, and this does away with any need of buying from a dealer.

With the remortgage or secured loan funds it is possible to buy privately or from an auction, and by buying in this way, savings of up to a third of the cost of buying from the garage are obtainable.

By buying by a remortgage or a secured loan you can treat yourself to a better and more expensive car.

Almost anything can be purchased like this.

Debt consolidation is aother great benefit that can be derived from remortgages and secured loans.

Debt consolidation is the combining of all high interest rate credit cards, personal loans, hire purchase, etc. into one single payment.

By arranging debt consolidation through remortgages or secured loans it means that rates of up to 40% are replaced by rates of under 2%, if a remortgage is being used, and from 9% if the preferred method is a secured loan.

Takiing advantage of being a homeowner can be very cost effective.

by: Liz Moir

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