subject: Secured Loans And Remortgages Are The Best Loans For Homeowners [print this page] Secured Loans And Remortgages Are The Best Loans For Homeowners
Loans are the umbrella term for the different methods of borrowing money.There are a number of different sorts of loans and which is best and most suitable depends on a number of factors such as the use for the finance and the residential status of the borrowerOne loan that most people apply for many times in their lives are car loans.Loans for vehicles, whether we are referring to cars, motor bikes, vans, etc. can be obtained from the garage.However when buying in this way, a deposit of at least 30% is needed. The trade in vehicle may be enough for the deposit.Home improvement loans are very popular. These can be obtained from the home improvement company, but a big disadvantage of this is that the interest rate is normally about 25%.This makes your kitchen, conservatory, porch or whatever you are buying, very expensiveHome improvement loans are also available from the bank, but you will be required to provide several estimates which rules out buying the materials yourself and employing the local tradesman to do the work.One type of credit that is very popular these days are consolidation loans or debt consolidation loans that combine all debts in credit cards,personal unsecured loans with high interest rates into one payment, and these make the managing of monthly outgoings easier.Some people borrow to pay for holidays, but if it quite a sizeable loan for a very special trip, the fact that the repayment period is normally over a maximum period of twelve months, could make the payments too expensive for you.For those who are homeowners there are much simpler ways to arrange the funds to finance all the above purposes.The methods are secured loans and remortgages that are homeowner loans secured on property which have low interest rates and can be used for holidays, car purchase, debt consolidation or almost anything else.The interest rates for remortgages commence at under 2%.84% for tracker deals, while two year fixed rates commence at 2.45% which must be the lowest ever.Secured loans start from about 9%, and cost a little more if the applicant is self employed.Secured loans are from 10,000 to 100,000 which must be sufficient for most eventualitiesRemortgages are without limit provided there is enough equity in the property and the applicant has the income needed. Both secured loans and remortgages can be repaid over as long as a twenty five year period which all in all makes them very useful loans indeed.
