One form of loan for which only homeowners are eligible are secured loans and the reason for this is that these loans need a property as collateral. Commonly these secured loans go by the name of homeowner loans, again for the very same reason. Therefore their meaning is as clear as spring water running down a mountain side.
Secured loans are a second charge on the property, and are recorded at the Land Registry as that behind the mortgage which is the first charge and is the loan used to buy the property in the first instance.
Secured loans are available in general from 10,000 to 100,000, although Link Loans have a loan deal called Baby Loans that offer loans from only 3,000
The maximum value for secured loans normally mean that, depending on sufficient equity, they can fund most purposes from vehicle purchase, weddings, school fees, etc. They are even of sufficient value to fund a second home either in your own country or abroad.
They are also good for debt consolidation that rolls up all credit card and loan debt into one low interest monthly payment.
Secured loan interest rates have been a bit high for a few years now, but now there is new hope with a 7.9% secured loan from Link Loans, and the news that Nemo are introducing a new lower rate.
For homeowners requiring more than the maximum secured loan, a remortgage is a great alternative as remortgages have no limit and depend on the applicant having enough equity as security and the earning power to meet the repayments easily.
Remortgages come with the low rate of less than 2% depending on conditions, and as such a homeowner cannot lose out whether his choice is a remortgage or secured loan.
Want to find out more about secured loans