Money home
Homeowner loans Borrow up to £100,000
A secured loan or homeowner loan is a loan secured against the value of your property. It offers higher loan amounts than a personal loan, typically up to £100,000. You can repay over periods of up to 25 years.
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What are homeowner loans?
A homeowner loan guarantees the loan by assigning rights to the security in the event of a loan default. The security, in this case, is your home.
What are the benefits of homeowner loans?
Homeowner loans offer more attractive interest rates than unsecured loans; they are a less risky proposition to the lender. Homeowners with a less than perfect credit history still have a fair chance of being accepted for a loan if they use their property as collateral. These loans can usually be arranged without the punitive fees that standard remortgages tend to attract.
What else should I know about homeowner loans?
- Needless to say, if you continually default on a homeowner loan, then the likelihood is that you will lose your home. This should be at the forefront of your thoughts when applying for a homeowner loan.
- Loans for sums greater than £25,000 are unregulated by the Consumer Credit Act, and should therefore be heavily scrutinised by a legal body before being entered into.
- If you do experience difficulties with your repayments, seek advice from your lender as soon as you can. The earlier you confide any problems in them, the more sympathetic they will be.
For more information read our related guides,
Do I need a loan
understanding personal loans