Two of the group called home loans are remortgages and secured loans and they are very closely connected to one another, and one of their most common aspects is that they are both homeowner loans only available to homeowners

A remortgages and a secured loan are only available to people who own their own property on which they have a mortgage as they are as the name states secured forms of loans that require to be secured against the borrowers property..

To clarify the meaning of the word equity it is the difference between the value of a property and the amount of mortgage secured on it..

If the equity available on a property is 50,0000 and the value is 140,000 it would mean that the mortgage balance is 90,000.

A homeowner can use up some of the equity on his home to get money for a multitude of reasons and both remortgages and secured loans can be used for a great number of purposes.

A remortgages or a secured loan are excellent ways of improving a property by investing in home improvements such as a new kitchen, an attic conversion or what ever the homeowner wants, and remortgages or secured loans are a cheap way of arranging these improvements and with a home improvement loan having an interest rate of around 25% when arranged through the home improvement company there are great savings to be made with remortgages and secured loans.

Both secured loans and remortgages can be used to pay for home improvements, to pay for school or university fees, to go on a cruise, a safari or any other sort of holiday or even to pay for a wedding and weddings can cost mega bucks now a days.

A very common use for both secured loans and remortgages is to form debt consolidation loans which is when the low cost secured loans or remortgages funds pay off all outstanding debts on credit cards, hire purchase agreements nd so on. Credit cards have disgraceful interest rates of often up to and over 40% APR and therefore the savings made by remortgages and secured loans being used for debt consolidation can be massive.

Debt damages peace of mind and mental stability can be ruined and debt consolidation can save the day. As such remortgages and secured loans used for debt consolidation afford peace of mind..

As remortgages clear the existing mortgage on a property it means that remortgage are registered as a first charge on the property. Remortgages take the place of the current mortgage and when it comes to secured loans, the mortgage stays as it was as and therefore the secured loan is a second or subsequent charge.

Other differences between secured loans and remortgages is that a remortgage has a cheaper rates of interest than secured loans, but a secured loan is pays out more quickly

The fact is that although remortgages and secured loans have much that connects them, they also have their differences.

Looking to find the best deal on remortgages then visit www.championfinance.com to find the best debt advice for you.