If you have an HSBC mortgage, you could be eligible to borrow more money against your home, giving you the freedom to fund a major purchase, consolidate your debts, or make some improvements or renovations to your property.
Choosing an HSBC home loan
Features of an HSBC home loan include:
- Borrow a minimum of £40,000
- Apply online, in an HSBC branch or over the phone
- Use your HSBC home loan for almost any purpose, other than for business capital or certain types of land and property purchases
What are the advantages of HSBC home loans?
- Better interest rate – you may pay a lower interest rate on a home loan than on a personal loan as a result of fact that a home loan is secured against your home.
- Extended repayment period – home loans could allow you to make payments over an extended period of time, which may be useful for budgeting.
- Potential to borrow more – some home loan suppliers permit you to borrow considerably more money than is typically obtainable via personal loans.
What are the disadvantages of HSBC home loans?
- Risk to your home – Your house is secured on the loan; therefore you may lose your home if you cannot maintain your repayments. It’s vital to make certain that a home loan is the right choice for you before embarking on with this sort of borrowing – speak to an independent financial advisor if you’re in any doubt regarding the appropriateness of this sort of loan for your circumstances.
- Potential for a higher repayment overall – It’s vital to bear in mind that the interest accumulated over the longer time period may mean you end up paying more overall for the loan.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.