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Compare Home Equity Loans & Save
Home Equity loans are loans made available for homeowners. Considered as a second charge on your mortgage, this loan type uses your home as collateral or security. You’ll often find that a home equity loan offers lower rates and longer repayment periods.
Compare 100's of cheap home equity loans in 2 minutes here at the MoneyOutlet. Simply fill in the form and receive your free, no obligation home equity loan quote and save!
How Does A Home Equity Loan Work?
Your home is an asset. Over time, this asset gains equity as the market rises and the value of your home increases. A simple explanation of home equity is the current value of your home minus the mortgage debt still owed including any other loans secured on the property. This determines the equity or ‘value’ of your home. You can then borrow against this equity to raise capital for almost any purpose.
Typical Purposes For Home Equity Loans:
- Debt Consolidation: Often times people will use the financing they raise as a consolidation loan in order to manage one or more unsecured debts such as credit cards, unsecured loans, car finance, etc. By combining several high interest debts into one manageable repayment is not only helpful but can end up saving you a lot of money!
- Home Improvements: Using the equity in your home to re-invest back into your property is very common and a smart way to spend some, or all, of the amount you borrow. Examples of home improvements include purchasing double glazed windows, that conservatory you always wanted, and new kitchen or bathroom, or any other remodel project.
- Education: Paying for your child’s education is finally upon you. University fees, books and materials, rental accommodation are all part and parcel with getting an education. A home equity loan can provide the much needed funds to help pay for further schooling.
- Car Finance: Needing to purchase a new or used vehicle is something we all face on occasion. Home equity loans can provide you the cash you need to purchase your car quickly and hassle free.
- Holidays: With holiday packages and flights becoming more affordable, there are still costs involved that may be out of budget. Often times borrowers may use a portion of their equity loan for another purpose, such as home improvements, while setting aside an amount for a family get-away.
How much can I borrow?
Generally, lenders will consider many factors when determining the amount they are willing to lend. They may first begin with factoring the amount of equity in your home. This is typically evaluated based on certain factors, such as:
- The current market value of your home
- The amount you still owe on your mortgage
- If you have any other debts secured on your home, such as a secured loan
- Typically, home equity loans range from £5,000 to £100,000 or more
Once the lender has determined the total equity in your home, they will then make an initial decision as to how much then will lend to you. This evaluation is called LTV, or the Loan to Value ratio. For example, if your home is worth £180,000 and the mortgage debt you still owe is £50,000 and you have no other secured debts against your property, you have £130,000 of equity from which you may borrow.
It is wise to discuss with your lender the appropriate amount you should borrow. Try not to borrow more than you can comfortably afford to repay and even before the money is transferred to your account, set up a repayment schedule to ensure timely monthly payments to avoid any adverse credit marks and possible late payment penalties. With a bit of prudent planning, a home equity loan can be an excellent choice is raising finance for your needs.
The APR available to you will also depend on your credit history and ability to repay the loan. Most home equity loans offer rates between 5% and 15%, or possibly higher depending on your credit score. While some lenders do not offer equity loans to those with bad credit, there are many who can help.
Here at the MoneyOutlet we work with a vast network of UK loan brokers and lenders offering home equity loans to all UK homeowners, even if you have poor credit, CCJ’s, mortgage arrears or filed for bankruptcy. You safely and securely provide your requirements in the form above and we immediately begin searching 100’s of low rate loans based on your needs. You’ll receive your free, no obligation quote without a credit check (important!).
Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available home equity loans in today’s market no matter your credit status. Apply Now to save time and money.
Published on September 17, 2007
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