Homeowner loans, also known as secured loans, equity loans, second mortgages or second charge mortgages, allow you can borrow large sums of money against the value of your property.
This type of loan can provide you with access to substantial funds, but it’s important to remember that your lender is protected because the loan is secured against the value of your home.
This means if you struggle with your repayments, you could be at risk of your lender repossessing your home to cover the outstanding debt.
(2) The amount a lender is willing to offer you will also depend on several other factors, including: credit score, affordability, first mortgage, debts and household outgoings, as well as your personal circumstances such as employment status.
(3) After agreeing terms with a lender, your loan is typically repaid monthly over the duration of the specified loan term.
Loan terms can last anywhere between 1 to 35 years.
If you’re in need of a substantial sum, usually in excess of £10,000, a homeowner loan might be a good option for you to explore.
Homeowner loans are commonly used to finance significant projects or lifetime events such as:
But Homeowner Loans can only be a financial solution to consider when:
Sums below £10,000 are often more effectively managed through a credit card or what’s known as an unsecured loan. These are a good option if you have a strong credit history and need to borrow smaller amounts over a shorter period.
If you’re thinking about taking out a homeowner loan, you might be worried about the stress and complexity that comes with it.
Having a qualified broker by your side can make the world of difference. Their guidance can be hugely valuable, simplifying the journey from start to finish and ensuring that you make informed decisions every step of the process.
If you’re considering a second mortgage, don’t hesitate to seek the expertise of a trusted broker to ease the stress and complexities of securing a homeowner loan.
Fill out the form below to begin the process now.
If you’re coming to the end of your mortgage deal, you might be able to switch to a new lender and borrow the extra funds you need. This is often the cheapest way to raise money.
If you have accumulated debt and are struggling to meet the repayments, a Debt Consolidation Mortgage arranged through Your Mortgage People might be the answer.
If you’re over 55, Equity release products give you a chance to unlock the money in your home with no monthly repayments whilst you continue to live there.
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