Remortgages Can Save You A Fortune. : Secured Loans For Homeowners

Remortgages Can Save You A Fortune.

Remortgages have a multitude of uses and an excellent way to utilize a remortgage is for debt consolidation. Debt consolidation as the name clearly shows is the rolling up of all other debts in credit cards, loans, both secured and unsecured ,and hire purchase, and arranging a remortgage which will pay off not only all credit card and loan debts but the current mortgage as well. Remortgages have interest rates starting at under 2% at present, although this rate is only available at 60% LTV, but no matter what equity is available on your property a remortgage will always save you money if you are paying credit cards and loans each month. With so many types of remortgages available remortgages can be confusing for the man in the street and the best way is to contact a mortgage broker who can let yopu iknow what remortgages are available to suit your needs best.

3:40 AM - Nov. 5, 2009 - comments {0} - post comment
View more entries tagged with: Mortgage Scotland, Remortgage Scotland, Loans, Loan, Mortgage, Mortgages, Remortgage, Remortgages

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Description
A secured name as the name suggests is a form of loan for which only homeowners are eligible as the loan must be secured to an asset. In the case of a personal secured loan the security is your home or it could be your holiday home if you are one of the lucky ones who own a second home. As th loan is secured the interest rates are good, starting at about 8% APR for those with a good credit rating. Homeowners with a poor credit porofile can also be considered for a secured loan, but the interest rate charged will be higherand the equity in the property must be greater. In the past there were 125% equity secured loans which were only available to employed applicants with stellar credit ratings. Nowadays due to the credit crunch and house prices falling causing 125% secured loan lenders no amount of trouble,this product has ceased to exist. The maximum LTV now is 80% for the employed and a maximum of 70% for the self employed. Secured loans are a very versatile product as they can be used for almost any purpose, eg. debt consolidation, weddings, hholidays, to purchas a vehicle, to fund homeimprovements, and so on and so forth. http://www.championfinance.com

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