Find the best UK homeowner loan deal
If you are looking for a homeowner loan, our service can help you find the most competitive deal in the UK market.
Our service provides:
- Home owner Loans from £3,000 to £2.5m
- Adverse Credit and CCJs loan applications considered
- Loans Up to 30 years
- Leading UK secured lender deals compared
Our homeowner loans service is provided by Fluent Money.
Everything was carried out fast and efficiently from start to finish making the whole process easy and hastle free.
Terence, North Lanarkshire - 04/10/2017
Excellent from start to finish. Our advisor Helen was always on hand and was very methodical and precise. Helen always kept us up to date on our application...
What is a homeowner loan
Homeowner loans, also referred to as secured loans, are a form of borrowing secured again the equity in your home. This type of loan can allow homeowners to borrow significant sums of money with attractive interest rates and can often be taken out in addition to an existing mortgage.
A homeowner loan may be a good option if you need to borrow more than you can access with an unsecured personal loan or if you want to get the lowest possible interest rates. However, it is important to bear in mind that because you are using your home as security for the loan, the property could be at risk of repossession if you fail to keep up with the repayments.
To investigate homeowner loans call 0800 084 8029 or fill in our enquiry form.
Advantages of secured loans
There are several key reasons why secured loans can be a good option for homeowners who need to increase their borrowing:
Easier to access – Because you are offering security, lenders may be willing to give a homeowner loan to people they would not consider for a personal, unsecured loan due to a poor credit score or other issues.
Borrowing more – Most lenders will only lend up to £25,000-£35,000 as an unsecured loan, while a homeowner loan can allow you to borrow significantly more.
Borrow for longer – Unsecured loans can normally only be taken for a maximum of 7 years (depending on the lender) while secured loans can be taken for as long as 25 years in some cases.
Better interest rates – Because secured loans are seen as lower risk to the lender, they will often give better interest rates on secured loans than unsecured loans.
Second charge mortgages
Many secured homeowner loans are taken out as second charge mortgages (also known as second charge loans). This means where the borrower already has a mortgage and wants to take out a separate secured loan on top. The loan is called “second charge” because the mortgage takes priority if repayment ever becomes an issue.
Second charge mortgages can be a good option if people need to increase their secured borrowing, but do not want to interfere with their existing mortgage. You can often take your combined secured borrowing up to as much as 85% of your home’s value with a second charge mortgage.
How much does a homeowner loan cost?
Although there may be fees associated with taking out a homeowner loan (which will depend on the lender) the main cost will be the monthly repayments. How much this will come to will depend on the interest rates you are charged.
Various factors affect the interest rates lenders set on their loans, although ultimately this is largely based on how much of a risk the lender thinks you are as a borrower. This risk factor is determined by a number of things, including:
- How much you borrow
- How long you will take to repay
- What percentage of your property’s value you are borrowing (loan to value)
- Your credit history
In general, the more you borrow, the longer you borrow for, the higher your loan to value and the worse your credit history, the higher your interest rates will be.
Compare homeowner loans
When taking out any kind of loan, it is sensible to look at various different products and lenders to try to find the best interest rates and other features. This can make a significant difference to your monthly repayments and how much you repay over all.
Using our homeowner loan comparison tool (see top of page) you can quickly and easily find the best deals on secured loans to match your borrowing needs and financial circumstances. That way you can access the money you need at a rate you can afford.
To investigate homeowner loans call our team on 0800 084 8029 or fill in our enquiry form.