Since the very start of the product, secured loans which are also known as homeowner loans were very popular.
As the two forms of the title suggests these loans are only available to homeowners in addition to obviously needing some type of security.
The security needed is the property of the applicant, and secured loans are recorded at the Land Registry behind the first charge which is of course the mortgage.
Being secured, these loans have always had good rates of interest and this contributed to their popularity.
Another reason for their attraction is that they can be used for almost any reason from carrying out home improvements, buying a boat, decorating your home, etc.
There are many similarities between these loans and remortgages but one difference is the time taken to arrange them with the secured loan taking less than three weeks if there is no hold up
Secured loans were very much he province of the self employed mainly due to the fact that there was no requirement to produce proof of earnings in the form of business accounts.
All they had to do was write their own net profit on a bill head without providing anyhing else and these became known as self certs.
There are at last self employed loans available from Link Loans who deal with intermediaries, and secured loans are available to people trading for a minimum of six months.
It was in fact the end of the road for self employed loans if the prospective borrowes could not provide accounts.
The recession put paid to self certs for all home loan products including secured loans and remortgages and an accountants certificate at least was needed.
Things have changed for the better as regardsand Link Loans, through intermediaries, are offering secured loans to self employed borrowers who have been in business for at least six months
This meant thatfor self employed people who could not fully prove their income simply did not exist any more.
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