What is a Homeowner Loan?
As the name suggests, a homeowner loan is a type of loan that is only available to UK residents who own their own home.
Homeowner loans (or secured loans as they are more commonly known) are secured against the borrower's home to alleviate risk for the lender. As a result of this additional security, borrowers are typically able to borrow larger amounts than with an unsecured personal loan, with amounts ranging from £15,000 up to £250,000
Homeowner loans can also be a cheaper loan option for those with bad credit for the simple reason that lenders have added security, meaning that they are able to lend at cheaper loan rates with more confidence.
THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
IF YOU ARE THINKING OF CONSOLIDATION EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF THE DEBT AND INCREASING THE TOTAL AMOUNT TO REPAY.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk Get my quote