Applying For Secured Loans And Remortgages Is A Simple Procedure

Applying For Secured Loans And Remortgages Is A Simple Procedure. Most homeowners have obviously heard of the words, secured loans, and many more know the term, remortgages.

However, in spite of this, there are many human beings who are not certain of the differences and similarities between these two house loans, what they can be used for.

If they have high interest rates or not, how to go about arranging them, and what data they would demand to provide if and when applying.

The first body to clarify is that the main similarity between remortgages and secured loans is that they are only available to homeowners as they both require the collateral of a property on which to be secured.

The security needed is provided by the equity which is what is left when the mortgage is deducted from the value.

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Secured loans at present normally have a maximum value of £100,000, although more may be offered at the discretion of the lender.

The maximum secured loan for self employed these days is in the region of £70,000.

For remortgages there is no limit providing the equity aand the borrower’s earnings are sufficient, which method that in theory at least, remortgages of millions of pounds can be granted.

As regards the uses for remortgages and secured loans, well they can be used for nearly any cause at all

They are for example both very excellent ways of purchasing any sort of vehicle whether your preference is a automobile, a motor bike or a boat, and they also eliminate the demand for a deposit as they can fund 100% of the acquire value.

When obtaining a loan from the garage you demand a 30% deposit.

Secured loans and remortgages can pay for house improvements, and often you can receive a discount when paying by cash enabling you do do more improvements for your money

They can fund weddings, holidays, etc.

All outstanding credit is consolidated by debt consolidation. into the one payment each month instead of many is easily carried outside by these two homeowner loans

These loans are not expensive with secured loans in the market from only 9% and remortgages commence from less than 2%

The data needed when applying is not complicated with identification for all applicants required, in addition to proof of residency such as bank statements, utitily bills, etc..

The employed must provide three months wage slips, and the self employed require accounts or an accountant’s certificate for remortgages at least.

There is a secured lender willing to advance secured loans on a self certification of income however three months bank statements must be provided to exhibit that sufficient money is being deposited in the account ,

Therefore as can be seen, secured loan and remortgages can be used for most things in addition to being cheap and can be simple to apply for.

Champion Finance has been established since 1985. They provide whole of the market mortgages, remortgages and secured loans .

Helpful, sympathetic debt advice, debt managemet, debt consolidation and all other debt solutions are also available.When looking for a secured loan, remortgage, etc. look no further than Champion Finance. (*)