Secured Loans / Homeowner Loans Are Excellent For Home Improvements.

by: Liz Moir

We are now experiencing a period of nice weather after a very cold and snowy winter.

There was even snow this March.

Now that Spring actually has at last sprung, people are thinking about and looking forward to Summer and the nice sunny weather.

It is at about this tine of year that serious planning of Summer holidays occurs, and families spent many an evening looking at glossy holiday brochures featuring luxury cruises and far flung romantic looking exotic locations.

There are a number of holidays that look very appealing but that are also possibly a little too expensive for their bank balance.

They wonder if they can afford a better holiday this year than the usual one to a self catering apartment in Spain, especially as it is their twenty fifth wedding anniversay in July, and a special holiday would be very much appreciated.

However, they wonder if a quality holiday is affordable as there is so much needed to be done to the inside and the outside of their property to better enjoy the really good weather when it finally arrives.

There are so many things needing done in the garden such as renewing all the decking and fixing the water fall in addition to replacing all the broken statues.

In addition, the garden shed needs replacing and the patio requires to be partially renewed due to broken sections.

It would also make the Summer much more enjoyable if they had one of those giant Italian style barbeques that double as a pizza oven.

All this costs money and if the garden improvements are carried out there will be no holiday and visa versa.

If a person owns his property there are means of doing everything that a heart could desire.

Secured loans and remortgages are the best ways of raising funds for all these things.

Remortgages and homowner loans, or secured loans as they are also called, are only available to homeowners as they are secured on the equity of a property and as such they have very good interest rates of from 1.84% and 9% respectively making them affordable to most people.

The 125% LTV secured loan was abolished at the start of the recession, and now there must be equity to obtain a secured homeowner loan.

The maximum loan to value for secured homeowner loans is 80% for employed applicants and 70% for self employed.

This means that if a property is worth £250,000 and the loan required is £30,000, the maximum mortgage balance for an employed applicant would be £170,000 and for the self employed it would be £145,000.

It is possible to obtain a remortgage at 90% LTV although most lenders limit the loan to value to 85%.

Remortgages and secured loans are very cheap ways of raising funds for holidays, home imrovements, etc.and they can help homeowners realize their dreams.