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There are several types of home loans two of which are homeowner loans and remortgages.

Home loans are, as the name suggests, connected to houses in some shape or form, and in this case the home is an owner occupied property, meaning that these loans only apply to those who have purchased the home in which they reside and have not rented it either from a private individual or a local council.

The first thing to talk about before reaching the subject of remortgages is in fact mortgages.

This is the case whether it is a first time buyer wanting to buy his first property or to a home mover, that is a person who is already a homeowner, and who wishes to move to another property.

Mortgages usually have a specific period in which the mortgage deal originally taked out remains in place.

Two years is the most common tie in period although one year is possible as is five years or more.

That means that if a mortgage is taken out on a tracker rate of 1.The rate will remain at the same rate above base.The current base lending rate is half of one percent.05% the rate for the previous example would be 2.39% and if the rate is 1.34% above base the current rate would be 1.84%.

At the end of the two years or whatever the rate reverts to the Standard Variable Rate which is normally more expensive than the original mortgage and this is why after the tie in period most homeowners consider arranging a remortgage as they should be able to obtain a better rate of interest.

Therefore a remortgage is the changing of a mortgage from one provider to another often with the sole intention of obtaining a lower rate of interest, and as rates vary tremendously from one lender to another a homeonwer can expect to get a better deal.

In addition to remortgages being a way to achieve lower mortgage payments they can also be used for raising funds for a multitude of reasons.

Homeowner loans which are also called secured loans, obviously due to the fact tht they are exclusively for homeowners and that they are secured on property.

Homeowner loans like their cousin can be used to release equity which can be used from car or caravan purchase to paying for school fees , a special holiday, a wedding or even to buy a flat in the sun.

The main difference is that remortgages pay off the current mortgage and become the first charge on the property and are registered as such, and with homeowner loans the existing charge remains and the secured loan is registered as a second charge.

Whatever a homeowner chooses thay are both cheap ways of raising funds when needed.

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