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The words secured loans and remortgages are known by many without them really understanding what these words actually mean

Remortgages and secured loans have much in common in that they are both types of home loans.

Secured loans and remortgages are bound together because of the fact that they are allied to property and the equity attached to that property.

What equity in fact is, is the figure left when the mortgage balance is taken from the value of the property

If a property has a value of 230,000 and a mortgage of 160,000, the equity would be 60,000.

However this does not mean that a secured loan of 180,000 would be available or a remortgage of 300,000.

This is the case due to the fact that 100% remortgages and secured loans no longer exist which is quite different from before the credit crisis.

Now a days secured loans are only advanced at up to a maximum of 80% for those in employment and 10% less for the self employed.

Until the credit crisis homeowner loans at 100% LTV were available.

In those days it was possible to obtain a secured loan of up to 125% LTV.

Even self employed homeowner loan borrowers could obtain a loan of up to 90% LTV and self declarations of income were accepted.

Self certs were virtually out lawed over the past few years, until now when Link Loans are now prepared to advance self employed loans.

This lender is Link Loans who were forced to exit the market last year due to lack of funding.

Therefore, although there is still a long way to go, remortgages and secured loans look as if they are improving at last.

Learn more about secured loans. Stop by Champion Finance’s site where you can find out all about the best remortgage for you.

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