Home  Mortgages Remortgages, Secured Loans / Homeowner Loans As An Alternative To Unsecured Loans.
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Remortgages, Secured Loans / Homeowner Loans As An Alternative To Unsecured Loans. |
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Written by LizMoir
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Monday, 15 February 2010 |
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Unsecured loans are at their highest rate of interest for nine years at a time when one would expect rates to be low as the Bank of England Base Lending rate is at an all time low.
by LizMoir
Unsecured loans are at their highest rate of interest for nine years at a time when one would expect rates to be low as the Bank of England Base Lending rate is at an all time low.
In 2001 the base rate was at a high of 6% and yet unsecured loans were several APR points less than now.
In 2001 there were unsecured loans available from about 6% which simply are no longer on the market at anything like that low rate.
As well as the interest rates being high, it is also more difficult now than in the past to obtain an unsecured loan although it is a fact that unsecured loans were always only available to individuals with good credit ratings.
Having no form of security, when a person wants an unsecured loan for what ever purpose, he must produce proof as to the reason for the loan, and it is not enough to just write the purpose on the application form.
Someone who owns his property has no need to concern himself about unsecured loans as he has the choice of a secured loan also called a homeowner loan.
The name is self explanatory as secured loans are secured against an asset which is the equity on a property and only those who own their homes can apply.
Being secured loans, these homeowner loans have good rates of interest and are more readily available than unsecured loans as underwriting is more lax.
For example the purpose of the homeowner loan has only to be written on the application form and no further proof will be required.
Bad credit secured loans are even available as secured loans to homeowners with poor credit ratings although equity is tightened and interest rates are higher, but at least they are still available unlike unsecured loans.
A remortgage just as a homeowner loan can be used by a homeowner to obtain funds for a great variety of reasons making remortgages and secured loans good alternatives for homeowners.
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