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If you’re seeking a low rate home loan then you’ve come to the right place. Home loans, or sometimes referred to as home owner loans, are occasionally confused with a ‘mortgage loan’. If you are looking for a low rate mortgage, please click here.
Generally speaking, a home loan is considered a home owner loan. A home owner loan, or secured loan, is a loan product where a home owner can borrow money against the equity in their home - minus the outstanding mortgage debt and any other secured loans against the property. This is also known as LTV – Loan to Value.
Home loans are sought after by home owners seeking a low rate financial solution such as:
- To consolidate debts: combining multiple high interest debts into one lower rate payment
- Make needed home improvements: remodel the home, new conservatory, new kitchen, etc
- Purchase a new car: update tired old car with reliable new or newer car
- Pay for their children’s education: university fees, books and materials, accomodation
- Take a much deserved holiday: take the family and ‘get away from it all’
Whatever the reason, this type of loan product may be used for almost any purpose and is a great way for home owners to use the equity in their home for obtaining needed finance.
While being a home owner puts you in good stead to obtaining a secured loan, there are a few factors to consider during your search for the best deal. Depending on the amount of equity built up in your home you may find that you are able to borrow quite a bit of money. However, it is recommended that you not borrow more than you can afford to repay. Lenders are now offering home loans with repayment periods between 10 to 25 years. As a home loan is considered a ‘second charge’ loan on your mortgage lenders are willing to lend for longer periods than say an unsecured loan which typically runs for between 5 and 15 years, depending on the lender.
Longer repayment periods are very helpful for those needing cash quickly and do not necessarily have the ability to repay the full amount in a short period. However, you must calculate the interest with a longer term loan and decide if it’s in fact ‘affordable’. You may find you’re able to repay the home loan quicker than expected so you’ll want to be aware of any early repayment penalties. In fact, you may even find that repaying the loan early is more affordable even if you include a charge for early settlement.
Most lenders, if not all, will discuss with you the most affordable option and you should also factor in your payment schedule to ensure timely repayments. Setting aside a certain portion of your home loan amount will help you keep on track with repaying your debt.
Another important consideration is the rate, or APR, of your home owner loan. Many lenders offer very attractive rates for home owners and most often are lower than unsecured loans. The main reason is because your home is used as collateral and this security gives the lender more confidence that you are serious about borrowing as well as repaying your home loan. Rates will depend on, among other factors, your credit score. If you have excellent credit and have a full time income, you fall into the most agreeable group of borrowers thus should receive the most attractive rates. Certain lenders may shy away from lending to those with adverse credit however, no need to worry as it’s still possible to receive a competitive loan despite your credit history. Most lenders understand that situations occur that can temporarily affect credit and are willing to discuss the best options according to your circumstances.
The biggest problem home owners face today, when searching for the best home loan, is being able to compare enough lenders and finance products to make an informed decision as to which loan is most suitable to their needs.
Here at the MoneyOutlet we make this search a breeze. Our huge network of UK loan brokers and lenders allow you to apply for your home loan without the need to visit dozens of sites. 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!).
In addition, many lenders are willing to offer a 5 or 6 month repayment holiday allowing you to make your first repayment several months after you receive the money. Please note, interest may still accrue during this repayment period. However, this may be helpful for some who need a little breathing room before starting to pay back the home loan that they borrowed.
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 loan offer in today’s market even if you have bad credit. Apply Now to save time and money.
Published on September 17, 2007
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