While remortgages and secured loans are similar types of home loans, they are also different in many ways

The most distinctive facet that these home loans have in common, is the fact that they both rely on the equity of the borrower’s property.

Another name for secured loans is homeowner loans because only people who own their home are able to apply.

What equity means is what is left when the outstanding mortgage is taken away from what the property is valued at..

Before the recession it was possible to obtain secured loans at 125%, but now the maximum is 75% for the self employed and 85% for others.

Remortgages of up to 100% were also available while The Northern Rock advanced remortgages of 25% more than the property value.

The maximum LTV now for remortgages is 90%, while certainly better than that for secured loans is still much less lenient than before the recession.

Before the credit crisis, self certifications of earnings were taken as income proof by remortgage and secured loan lenders but that ended

Self certs stopped time ago, but now however there is a secured loan lender accepting self certs while they are still not available to remortgage borrowers

These self employed loans on self certs for those who cannot produce accounts will prove very useful to those who are no longer eligible for a remortgage.Yet they should be a good way for someone who cannot obtain a remortgage to obtain the money required.

Secured loans for the self employed have however some restrictions as they must have a lot of equity at a maximum of 60% and the largest loan is 30,000. Also, the borrower must show three months bank statements to show that they do have income coming in..

A very importnt fact that secured loans and remortgages have in common is their many uses including paying for holidays and they both make good debt consolidation loans.

Looking to find the best deal on debt consolidation loans, then visit www.championfinance.com to find the best deal on a remortgage for you.