Secured loans,remortgaqes and mortgages are all home loans. The latter are available to those who are not already homeowners and the first two are only available to homewners.

The main difference between mortgages and the other two financial products is that the latter are only available to homeowners and a mortgage is a loan used to buy a house even if the borrower is buying their very first property

Therefore one does not have to be an existing homeowner to apply for a mortgage but secured loans and remortgages are only available to those who already have a mortgage on a property.

It is more difficult for people to get their first foot on the house ladder now than it used to be in the pre recession days when mortgages of 100% of the property value were available.

The Northern Rock even advanced loans at up to 125% and look what what happened tp this particular lender.

The way that this mortgage plan worked was that a mortgage of 100% was advanced and the other 25% was suppoedly an unsecured loan, but in reality this 25% was secured at the end of te day, as the figure of the two balances was added together and was known as the total mortgage borrowings.

During the recession many would be first time buyers were compelled to rent a property rather than buy, as they could not afford the 25% deposit that was now required.

Now there are some lenders advancing loan to values at up to 85%. making the situation a little better at least for those buying their first home

Mortgages are also normally required by those buying their second or subsequent property, although these home movers will not usually have a problem supplying the deposit, as they will even in these difficult financial times have made a profit on their current property that can be used as a deposit for what will be in geneaal a larger or more expensive property.

Sometimes a remortgage is taken put to get a better rate of interest or to obtain additional funds for any number of reasons.

Many homeowners choose to take out a remortgage at the end of their current mortgage deal.

Early repayment penalties have to be paid of between 2% to 5% if a mortgage is repaid early.

With rates varying so much between one lender and the other, much can be saved with remortgages

Secured loans are homeowner loans, which like mortgages and remortgages are secured on the property, and like remortgages, a secured loan can be used for a number of different things from buying a car, paying for holidays and weddings, etc. and they also make good consolidation loans that lump all other debts into the one lower repayment.

The main difference between secured loans and remortgages is that a remortgage replaces the current mortgage, and a secured loan is a separate loan that stands by itself and does not interfere with the mortgage in any shape or form

Therefore although these three home loans have a lot in common, they also have very distinct differences.