The interest rates of unsecured loans are at one of their most expensive ever with rates considerably higher than in 2001 which may come as a surprise to many as the Bank of England Base Lending Rate is at an historically low rate .

In 2001 the base rate was at a high of 6% and yet unsecured loans were several APR points less than now.

In 2001 there were unsecured loans available from about 6% which simply are no longer on the market at anything like that low rate.

It is also more difficult than ever to get an unsecured loan in addition to their rates being higher than before, but unsecured loans at anything like a low rate of interest have always really only been available to those with a stellar credit rating.

Having no form of security, when a person wants an unsecured loan for what ever purpose, he must produce proof as to the reason for the loan, and it is not enough to just write the purpose on the application form.

Someone who owns his property has no need to concern himself about unsecured loans as he has the choice of a secured loan also called a homeowner loan.

The reason for the term is obvious as these loans are secured on property and therefore only homeowners can apply.

Being secured loans, these homeowner loans have good rates of interest and are more readily available than unsecured loans as underwriting is more lax.

For example the purpose of the homeowner loan has only to be written on the application form and no further proof will be required.

Homeowners with extremely bad credit can still obtain a secured loan providing he has good equity in his property and these applicants would never be considered for an unsecured loan.

A remortgage can be used to raise funds in the same way as a secured loan making a secured loan or a remortgage a great way for a homeowner to borrow.

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