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Big Picture Loans Remortgage And Secured Loan Information

big picture loans direct lender online loan

Homeowners have a good means of raising funds by a remortgage or a secured loan.

A remortgage is really only a mortgage taken out by a homeowner changing from their own mortgage lender to another.

Sometimes the borrower moves from one provider to a new one just to obtain a better interest rate without borrowing any more money, and depending on the amount of remortgage, the interest rate of the original mortgage, etc.there is much to be saved.

On other occasions, the homeowner asks for extra funds that can be used for many different reasons, including buying a vehicle, a wedding, school or university fees, home improvements, debt consolidation, etc.

The interest rates charged for remortgages depends on many things, such as the amount required, the equity on the property, etc.

The lowest rates are available for those who have a 40% deposit, which means that for a low rate of less than 2%, the maximum remortgage available at this rate on a property worth £200,000 would be £120,000.

For a 75% LTV mortgage, the rate will be higher, until you reach a 90% LTV when the interest rate will be substantially more.

Never the less, even at 90%, when the rate may reach about 6% to 7%, it is still a very cheap way to borrow when we consider credit cards at up to 40% or more, and home improvement loans at about 25% when you arrange them with the firm carrying out the improvements.

Secured loans of course never replace a mortgage, as they are second charges, but apart from that aspect, they can be used for all the same purposes as remortgages.

The interest rates for secured big picture loans loans for bad credit direct lender now start, as of a couple of weeks ago, at 7.9% APR, but for this rate which is the lowest since 2008, the homeowner must have 65% LTV and have a totally clean credit rating.

The minimum big picture loans direct lender online loan on this plan is £20,000

Other secured loans are available from £3,000 to £100,000 and sometimes more than this by referring to the lender.

Although the interest rates for secured loans is generally higher than that of remortgages, there are sometimes advantages to be gained by the former, for example if the mortgage payer would have to pay an early repayment penalty if he settled the existing mortgage early. Another occasion for secured big picture loans indian tribe loans being preferable, is if the applicant for the finance is self employed without full accounts or has only been trading for a short time.

Now two or even three years full accounts or similar are required for mortgages and remortgages, but self certifications or income backed up with proof of self employment and bank statements may be accepted for homeowner loans even if the self employed person has only been trading for six months.

Therefore it is up to the individual concerned and his circumstances that influence whether a remortgage or secured loan is the better option.

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