There are various kinds of home loans, two of which are mortgages and remortgages.

Home loans clearly have something to do with a home and what we are referring to when considering mortgages and remortgages are homes that are owner occupied.

If someone wants a mortgage to buy his first property or he is already a homeowner who wants to move to a property in a different area of the country or to buy a bigger or better property or he requires a remortgage to release equity for any number of purposes the property involved must have equity.

For those uncertain about what equity means, all it means in simple lay mans terms is the amount left when the mortgage balance on any particular property is deducted from what the property is worth.

If for example a property whether it is a house or a flat has a value of 230,000 and the mortgage balance is 140,000, the equity on the property would be 90,000.

The Northern Rock Building Society even advanced both mortgages and remortgages at 125% of equity meaning that the home buyer or the remortgage applicant could obtain remortgages and mortgages at 25% more than the property was valued.

There was even the availability of the 125% mortgage and remortgage from the Northern Rock Building Society which in effect meant that mortgages and remortgages were available on properties on which there was no equity whatsoever.

Now things in the mortgage nd remortgage market are very different and it is impossible to get a 100% mortgage or remortgage.

Now there is no such thing as a 100% remortgage or mortgage, and therefore the would be borrower must have a deposit when mortgaging or remortgaging.

This is a good thing as the homeowner now requires to put some of his own hard earned cash into his property and is no longer living in a house that in reality he does not own a single brick unlike in the past.

It was not a good thing to arrange a 100% or even more than that loan to value mortgage or remortgage as people did not have any real incentive to make any great effort to repay his mortgage as he had none of his own savings invested.

If things went wrong they could simply hand the keys to the lender and walk away without losing a single penny of their own money.

The abolition of these 100% and more than this mortgages and remortgages has not come one moment too soon.

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