Secured loans and remortgages have a lot of identical aspects but also they have their differences .
The most distinct feature that these homeowner loans have in common, is the fact that they both need the equity of the applicant’s property.
Homeowner loans is another name for secured because only those who own their home can make application.
Equity is the difference between the balance outstanding in the mortgage and the value of the property.
Before the recession secured loans at 125%were out there but now the maximum is 75% for the self employed and 85% for those in employment.
The Northern Rock before it’s complete collapse used to grant both mortgages and remortgages at up to 125% LTV and at that time remortgages and mortgages of 100% were available from most lenders.
The maximum LTV for remortgages is now 90% which was a greater loan to value than that for secured loans until last week when a new lender introduced loans at 90% LTV, but the largest loan is only 15,000.
Self certifications of income were accepted for self employed people for both a remortgage and a secured loan but things are all so very different now.
It has been quite a long time now since lenders accepted self certs for either secured loans or remortgages but this has changed a bit as far as secured loans are concerned.
Both remortgages and secured loans have many uses from going on holiday, etc. and they are both good ways of sorting out consolidation of debts.
Secured loans for the self employed have however a number of limitations as there must be a lot of equity at a maximum of 60% and the maximum loan is 30,000. Also, the borrower must show three months bank statements to prove what they are earning.
You must remember that this self employed plan has a maximum loan value of 30,000, a maximum loan to value of 60% and the borrower has to have three months bank statements so that the loan provider can be certain of his earnings.
Looking to find the best deal on debt consolidation loans, then visit www.championfinance.com to find the best deal on a remortgage for you.
categories: secured loans,homeowner loans,refinancing,debt consolidation,mortgage,remortgage,finance
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