Lloyds mortgage holders who are interested in borrowing more money may want to comparing home loans to find the best deal. These loans allow home to borrow up to 85% of the value of their home for many reasons – to add an extension to their house, to renovate their home, or to fund a major purchase. Use the table below to compare the best home loan deals available now:
Criteria for a Lloyds home loan
In order to get a home loan from Lloyds you will need to meet the following criteria:
- You must be looking to borrow £10,000 or more
- You must have had your Lloyds mortgage for six months
- Your mortgage repayments must have been up[ to date for three months before you apply to borrow more
- Your mortgage plus the additional amount borrowed must be no more than 80% of the value of your home (or 75% of the value of your home if you have an interest-only mortgage)
Advantages of a Lloyds home loan
A Lloyds home loan could offer you a range of benefits, some of which could include:
- Extended repayment period – repay the loan as you repay your mortgage
- Consolidate your loan and mortgage payments into one monthly repayment
- Fund a home improvement scheme that could add value to your property
Disadvantages of a Lloyds home loan
Before you take out a Lloyds home loan, you should consider the following points and make sure that it is the right decision for you:
- You cannot use a Lloyds home loan to raise capital for business purposes, to buy land, or a purchase buy to let property
- You need to factor in any additional costs such as getting quotes from home improvement suppliers in order to demonstrate how much you’ll need to borrow
- As with your mortgage, the loan is secured against your home. Therefore, you may lose your home if you cannot maintain your repayments.
- Bear in mind that taking out a home loan will increase your overall mortgage debt and may mean that your mortgage takes longer to repay
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.