Best Home Loans
Making sense of the mortgage maze
The best home loans tend to be mortgages, which can only be used to finance house purchases. However, other home loans are available: homeowner loans, which can be used for almost any purpose; remortgages, which can reduce your monthly outgoings; and second mortgages, which can finance expensive home improvements.
The best home loans are usually mortgages, which offer the very lowest interest rates and which tend to come with bonus features such as help with legal costs or moving expenses. However, mortgages can only be used to finance home purchases; if you need money for other purposes, you'll need to consider other kinds of borrowing.
In addition to mortgages there are remortgages, which are the best home loans for people who don't need to borrow more money but who would like to reduce their mortgage payments. By remortgaging your home at a better interest rate than your existing mortgage, you can save a packet.
Homeowner loans are secured loans that can be used for almost any purpose; second mortgages are similar but tend to be used for very big purchases, such as expensive home improvements or setting up in business. If you're considering a second mortgage it's very important to be honest about your finances: once it's set up you'll have two sets of mortgage payments to worry about.
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