For life’s big events, or for those everyday moments, homeowner loans can offer you large sums of money, at low interest rates.
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A homeowner loan allows you to borrow a large sum of money that is secured against the value of your property.
‘Securing’ the loan against the value of your property is what differentiates homeowner loans from the likes of personal loans and credit cards, which are ‘unsecured’.
As the name suggests, to be eligible for a homeowner loan, you need to own your property or have a mortgage on it.
Homeowner loans can be used for almost any purpose, and because you can usually borrow more with a homeowner loan, they present a great opportunity to fund life’s big events, or multiple, smaller moments.
With a homeowner loan, you’re able to spread costs over a longer period, making that once-in-a- lifetime dream come true sooner.
One of the most common uses of homeowner loans is debt consolidation. This is where you use a homeowner loan to pay off all your existing unsecured loans and credit card debts, leaving you with a single monthly repayment to make.
This new repayment figure can often be a lower monthly cost than your previous combined debts, which is what makes it a popular option for many customers. It should be noted though, that you may end up paying a higher total figure through interest by the end of the homeowner loan agreement.
If you have high monthly outgoings with your existing debts, homeowner loans can provide a simple way of offering increased financial stability, at a lower monthly cost, freeing up a little extra money for you.
The amount you can borrow depends on your individual circumstances, including the amount of equity you hold in your property (i.e. how much of your mortgage you’ve paid off), and what your lender deems you can afford.
Lenders will calculate the maximum loan to value (LTV), and use that figure to determine how much they will lend you.
Different lenders will lend different amounts depending on what level of LTV they deem acceptable.
To find the best deal for you, you should seek quotes from a number of different lenders, something we at BestCompare can help you with.
The process is simple. Enter your details in the form above and let BestCompare find the most suitable homeowner loan for you.
Our service helps you to compare secured loans quotes through an authorised FCA regulated comparison broker. We also realise that the process is not always easy - that’s why if you need any advice or are unsure of your options (and a mistake can be costly) you'll have access to FREE help. There's no obligation to purchase, it's always entirely your choice.
Please note all third party insurer logos on this site are a trademark of their respective owners. We currently do not have a direct affiliation with these insurers, although the brokers we are partnered with do. Some of the brokers we work with may not be able to provide quotes from all of the insurers featured.
9.1% APRC Representative.
Representative example: Assumed borrowing of £18,000 over 120 months, with a fixed borrowing rate of 6.5% per annum for the first 60 months, followed by 60 months at the lender’s standard variable borrowing rate of 4.95% above Bank of England Base Rate. There would be 60 monthly instalments of £227.38 followed by 60 instalments of £221.71. Total amount payable £26,945.40 comprised of; loan amount (£18,000); interest (£6,920.40); Broker fee (£1,530); Lender fee (£495). This would result in an overall cost of 9.1% APRC. Minimum Term 12 months. Maximum Term 300 months. Maximum APR charged 49.9%.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.