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There are various types of homeowner loan products and these are such products as secured loans, mortgages and remortgages. As these are all secured on the asset of property, it is only homeowners who are eligible to apply.

Mortgages are the home loan required to actually buy a property whether it is a first or subsequent purchase.

A remortgage is a home loan that takes the place of an existing mortgage.

Remortgages and mortgages are based on the equity of a property , and equity is the difference between the value of a property and the mortgage balance. This means that if a property is worth 300,000 and the mortgage balance or the required remortgage is 150,000 the available equity is 150,000.

Before the credit crunch many mortgage and remortgage lenders were only too happy to grant their products at up to 100% LTV. While the Northern Rock had 125% remortgage and mortgage plans.

Many out there may think that the 125% mortgage is back with the announcement a few months ago by the Nationwide that they are advancing 125% mortgages. This is not available to other than existing Nationwide customers trapped in their current property by negative equity who need to buy another place to live.

If there is absolutely no equity in their current house of the value is lower than the mortgage balance the Nationwide are granting these homeowners 125% mortgages.

There are still a few building societies granting mortgages and remortgages at 90% and very very occasionally 95% LTV, which would mean that if a property is valued at 200,000 on a 90% plan the maximum mortgage or remortgage would be’0,000.

Equity is really king at present and the better the LTV is the cheaper the remortgage rate is.If a homeowner has a 40% deposit mortgages and remortgages are available at under 2% which is the lowest ever rate.

Self certifications of income when applying for a mortgage or remortgage are theoretically still available fom a couple of mortgage lenders, including Platform, but at the end of the day these mortgage lenders can still ask for back up proof of self employed earnings by means of an accountant’s certificate or even full accounts.

Until the start of the credit crunch in 2007 self certification of income was accepted by a large number of mortgage lenders . This in a large extent aided the collapse of the banking sector, when all these remortgages and mortgages became toxic, as many recipients of these remortgages and mortgages simply had not enough income to meet their monthly payments, and accounts fell into serious arrears.

Remortgage and mortgage criteria have very much tightened up and this could do with being relaxed a little.

Looking to find the best deal on remortgages then visit www.championfinance.com to obtain the best remortgage for you.