It is still possible to obtain a remortgage or a secured loan before New Year.
The fact is, that if someone applies for either of these homeowner loans right now, they could still have their funds before the year ends.
This is actually a good time to apply as it means that the money will be available for all the great bargains in home improvements, holidays, etc. available at the end of the year. Immediately after New Year,retailers reduce their prices in an amazing fashion, as if they did not, it would be probably the quietest period of the year,as people have very little money at their disposal after the overspending of the festive season.
It is possible to purchase kitchen and bathroom suites, conservatories, etc.discounted by as much as 70%, and this is quite a bargain and a very cheap way of adding to the value of a property, apart from making a home more comfortable.
Holiday companies and hotels also find the beginning of the year a bad time to attract customers, that is if they did not reduce the cost of their goods.
As such, it is possible to stay in a luxury hotel on a bed and breakfast basis for as little as £50 per night.
Foreign vacations are available at bargain prices.
Car dealer ships also frequently reduce the cost of their vehicles at the same time.
Therefore for homeowners with equity in their property, there is no better time than now to apply for a remortgage or a secured loan, to be in the position to buy one of the many bargains available.
It is not too late if they apply right now.
When someone applies for a secured loan, they must first of all receive a copy of their credit agreement along with an application form and a request for the information needed by the lender or broker to complete the loan application.
The information needed is income proof, proof of residency dated less than two months ago, and I.D. in the shape of a driving license or a passport.
The applicants then must be allowed at least an eight day cooling of period before they are posted the agreement to sign.
When the information and the signed agreement are obtained by the loan provider, the cheque will be sent to the borrower as long as the needed information regarding the mortgage conduct has been received.
A remortgage lender asks for the same information, but unlike some secured loan lenders, they also ask for three months bank statements.
After the mortgage lender has received all the information, their solicitor sends the remortgage offer to the homeowner.
Therefore for any homeowner considering either a remortgage or a secured loan, they can still obtain the money by the time they want to buy one of the many bargains on offer at that period of the year.