HSBC Homeowner Loan
HSBC homeowner loan review
HSBC is one of the world’s largest banking and financial services organisations. They offer homeowner loans to both new and existing customers for a variety of reasons including to make home improvements and debt consolidation.
Homeowner loans are also commonly known as secured loans or second mortgages and are usually only available to customers who already have a mortgage on their home. They can allow you to borrow more without interfering with your existing mortgage.
With a HSBC homeowner loan you can borrow from £10,000 upwards and you can usually repay over anywhere from 1-30 years. If you need to borrow less than this, you may need to consider a personal loan.
How much does a HSBC homeowner loan cost?
The main cost of a HSBC homeowner loan will be the monthly repayments. These will usually involve paying the interest on the loan and a percentage of the total capital each month, although interest-only homeowner loans may be an option in some cases.
The amount you pay in interest will depend on a number of factors, including:
- How much you borrow
- How long you repay over
- What percentage of your home’s value you are borrowing
- Your credit rating
- How much debt you already have
Alternatives to HSBC homeowner loans
For borrowing under £25,000, a personal loan is usually an option. This can allow you to get a loan faster, although the interest rates tend to be higher than for secured homeowner loans, meaning a personal loan is likely to be a more expensive way to borrow.
If you want to increase your borrowing against your home, it is worth considering remortgaging. Many lenders will cover standard fees involved with switching your mortgage, meaning this can be an attractive option. Whether remortgaging is a better choice will likely depend on how good a deal you have on your existing mortgage and the likelihood of you getting a better one with a new mortgage.
Find the best interest rates on HSBC homeowner loans
HSBC are just one of the many lenders across the market who offer homeowner loans. Head to the top of the page to try out our free homeowner loan comparison tool which lets you see leading deals we have identified from all the top lenders across the market.
Want to get the best deal possible on a homeowner loan? Call Fair Loans today on 0117 313 8872 for a FREE initial consultation.