What is a homeowner loan and how could it help me?
A homeowner loan is a secured loan. It is usually secured on the money or equity tied up in your property. Your equity is the value of your home less the amount outstanding on your mortgage. Homeowner loans can be more affordable than unsecured loans. That’s because a loan secured on your property is less risky for the lender - so they will usually charge lower interest rates over the loan term.
Homeowner loans tend to be a way of borrowing larger amounts and repaying over a longer term. In most instances, the minimum you can borrow with a homeowner loan is £10,000 and you can usually repay over 5 to 25 years. Homeowner loans can offer lower interest rates than unsecured loans, but repaying them over a longer term means your overall interest charges will increase.
Homeowner loans are often for amounts in excess of £10,000 which can be useful if you’re planning a major project or purchase. For example, you could use a homeowner loan to fund home improvements such as a new kitchen, bathroom or loft conversion. Some people also use the loan to consolidate other debts. This means they consolidate debts from their credit cards, store cards and other loans into a homeowner loan which offers them a lower rate of interest and a single, more affordable monthly repayment rather than paying many different bills with a range of interest rates.
Most homeowner loans allow you to borrow up to 90% of the value of your home, less your mortgage. This is known as your equity. However, there are loans that allow you to borrow up to 25% more than the value of your home, less your mortgage. This effectively allows you to borrow larger amounts, more affordably. Apply online today for a quotation and Loan for Homeowner will compare loans and help you decide which is the best one for you.
Quick homeowner loan are part of the Lothian Finance Ltd group of companies who are based in Edinburgh. We have been helping customers obtain loans since 1994. When we receive your enquiry one of our experienced loan advisers will telephone you to discuss your options at a convenient time.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.