So, what exactly is a
Simply put, it is a loan only available to property owners (or mortgage holders), where your house is used as a security measure for the lender - just like your mortgage - so if you don’t repay your loan, your house can be taken as collateral.
Because of this extra security, you can make your asset work for you, and can often borrow larger sums of money with better interest rates than on an unsecured loan.
This doesn't mean your house is at risk - providing you meet your repayments as scheduled there will be no risk whatsoever to your home.
CHECK IF YOU ARE ELIGIBLE FOR A LOAN
Why Choose a Homeowner Loan?
They're easier to obtain
Unsecured loans are almost always cheaper for those with good credit scores, but secured loans provide lenders with, well… security, so they're more willing to lend to less than perfect credit scorers. Subject to other lending criteria
You can borrow more
The maximum unsecured loan is £25,000, yet homeowner loans
can be as much as £100,000 if you meet all of the necessary criteria.
You can borrow for longer
Homeowner loan lenders prefer to lend for longer periods of time, because of the higher loan amounts - this means you can be more flexible with your loan term to find the repayment that fits best for you. Please note that typically the longer the term the more interest you have to pay
VISIT OUR FAQ TO FIND OUT MORE INFORMATION
Want to know more?
We've created a section of FAQ's about homeowner loans which goes into more
detail about the application process and how to deal with problems.
If your issue isn't covered in our FAQ's, you can of course contact us via the Contact Us page (can be accessed via the FAQ page)