A Homeowner Loan is a sum of money borrowed in addition to your mortgage. In the same way as a
mortgage, a Homeowner Loan is also secured on your property. Homeowner Loans are also known as
secured loans.
The amount offered by the bank will depend on circumstance, as well as the amount of
capital available on the property. Typical loan amounts range from £5,000 to £150,000. Homeowner loans are available for any reason but typically people will borrow for Debt Consolidation, Home Improvements, Cars and Weddings. To qualify for a homeowner loan you must be over 18, a UK resident and a homeowner.
Due to the
lower risk involved for lenders, a homeowner loan might be of more interest to those with
bad credit history, those who are seeking a
lower interest rate or cheap repayments or those who have had
trouble getting a personal loan through lack of home equity or having a mortgage.
Homeowner loans can usually be arranged without a financial penalty which a
standard remortgage might attract. For this reason it is often a preferred option for those who wish to
release capital from their property.
Getting a homeowner loan here at 123-Approved is fast and efficient. Just by filling in one short form, we’ll compare over 90% of the market lenders to find the best rates for your individual circumstances. It takes just 2 minutes to get 123-Approved!
