Remortgages and secured loan are both home loans for which only homeowners can apply.

The problem is that many people have absolutely no idea as to the first steps towards arranging one of these loans that are only available to homeowners as they need to be secured on the equity of property.

They want to know what the interest rates are, whether a remortgage or a secured loan is better for them, how long they take to pay out, what they can be used for and so on.

Other consideration are regarding what happens if they choose to pay off the home loan sooner than they should.

As regards interest rates, the fact is that both remortgages and secured loans have good rates of interest with remortgages costing from less than 2% and secured loans are currently available from just about 9%/

The interest rates vary depending on a number of things, with those with more equity on their property receiving a lower interest rate than those who need a remortgage at 90%

Fixed rate remortgages cost more than a tracker, and the longer the fixed period is the higher the interest rate.

Secured loans can be arranged in a little more than two weeks, and remortgages seldom complete in less than a month

A secured loan applicant must be allowed a consideration period of at least eight days.

This means that the borrower must be first of all be provided with a copy of his credit agreement and eight days later the signature copy must be sent by post.

Both remortgages and secured loans can be used for almost any purpose and are very commonly used as consolidation loans

We have just skimmed the surface and any other information need can be obtained from a secured loan or mortgage broker.

Want to find out more about secured loans, then visit Champion Finnance’s site on how to choose the best remortgage for your needs.