Remortgages And Secured Loans Are The Best Way For Homeowners To Borrow.
There are all sorts of loans out there both unsecured and secured and two very popular types of loans are remortgages and secured loans. Both secured loans and remortgages are only granted to those who own the property in which they live as they need to be secured against the equity in the property.
The fact that remortgages and secured loans are safely secured, lenders have more confidence that the customer will repay their borrowings and are therefore prepared to grant remortgages and secured loans at good interest rates.
Unsecured loans in general have much higher rates of interest than those attached to secured loans and remortgages. If a remortgage or secured loan borrower defaults badly in payments, and does not cooperate the lender as regards coming to an arrangement regarding repaying the secured loan or remortgage, the lender can repossess the property. With an unsecured loan this is naturally not a possibility, and if the borrower is a tenant the only thing that the lender can do is take out a default or a CCJ against the defaulting borrower.
If a homeowner does not meet the repayments on an unsecured loan the loan lender can register a sort of secured CCJ against the offender in the shape of an inhibition.
An inhibition is secured against the property of the non payer in exactly the same way as the mortgage. This all means that the property cannot ever be sold with an inhibition secured against it. The lender of the unsecured loan will then have to wait for the property to be sold sometime in the future before he can get the money back.
All these problems are what makes unsecured loans more expensive than secured loans and remortgages.As a homeowner requiring to raise funds for almost any purpose the only sensible way to borrow is by means of a remortgage or a secured loan.
If you are looking for a remortgage then visit our site to find the best remortgage for you.
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Tags: home improvements, home loans, mortgages, real estate, refinance, refinancing, remortgages, secured loans
