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Compare Homeowner Loans
Homeowner loans are those that are secured against your home or property. Banks are often more willing to lend to homeowners based on the fact that the borrower’s home will be used as collateral or ‘security’. Also known as a ‘second charge’ on your mortgage, homeowner loans can provide a relatively low rate option for securing finance based upon the equity or ‘value’ of your home. Typically, the LTV, or Loan to Value ratio, helps lenders determine the maximum amount they are willing to lend you. They will consider the amount you wish to borrow compared to the value or ‘equity’ in your home. Some lenders only offer 85% LTV whilst other may be willing to lend you up to 125% LTV.
As a home owner, one of the most valuable assets you’ll ever own is your home. As time passes, your property gains equity and increases in value. The equity in your home can then be leveraged to borrow money. In addition, homeowner loans are often times easier to obtain than unsecured loans because of the home being used as security.
The majority of homeowner loans are offered between £5,000 and £100,000 however, there are lenders who offer as much as £250,000 or more. The amount you may borrow and the APR (Annual Percentage Rate) of the final loan product you receive will depend on several conditions. For example, your credit history will in large part determine the APR you receive. Ultimately, the rates available to you will depend on each lender’s risk assessment. Your credit will be scored based on recent credit activity and each lender will decide if you fit into 1 of 3 categories: excellent credit, good credit, or adverse credit.
How Can A Homeowner Loan Help me?
Most home owner loans allow you to borrow for any purpose. Generally speaking, the average borrower uses a homeowner loan for:
- Consolidating debts: Being a homeowner with equity may be an ideal way for you to release capital for a consolidation loan. Loans for home owners have lower rates that smaller unsecured debts such as credit cards and other personal loans. Consolidating multiple debts into one easy to manage monthly payment can save you money and help you manage your debts more easily.
- Home improvement: One of the best ways to reinvest in your home and possibly increase its value is to use your homeowner loan for remodelling purposes. Perhaps it’s time to get those double-glazed windows, or a new kitchen? By borrowing against the equity in your home whilst improving it is a very popular use for this type of loan product.
- Buying a new car: Whilst most people tend to purchase new vehicles with a personal loan, a homeowner loan is also attractive because you can borrow more usually at a lower rate that an unsecured loan.
- Education: Many homeowner’s use the equity in their home to help finance their child’s university education.
There are many reasons why a homeowner may choose to borrow against their home. However, there are caveats to consider. For example, since the loan is borrowed against your property, you will want to ensure timely repayments. It is recommended to budget the amount you borrow for your repayments and to only borrow that which you can comfortably afford to repay. Also, consider any extras that may be associated with the original loan amount such as payment protection insurance, any additional fees, early redemption penalties (if applicable) and changing interest rates if your homeowner loan is based on a variable rate.
It’s now easier than ever to apply for a home owner loan. Most banks and building societies, along with special credit lenders, are willing to lend to those who own their home. Rates vary as much as 5% to 30% and trying to find the best deal can be daunting to say the least. You’ll want to compare products and, with so many to choose from, it’s easy to feel unsure where to begin the search.
Here at the MoneyOutlet we make this search a breeze. Our huge network of UK loan brokers allow you to apply for your homeowner loan without the need to visit dozens of sites. You safely and securely provide your requirements and we immediately begin searching 100’s of low rate loans based on your needs. In addition to saving you time, you’ll receive a free, no obligation quote without a credit check (important!). By applying now you may qualify for repayment holidays and not have to make any repayments upfront for the first 5 to 6 months.
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 homeowner loan offers in today’s market despite your credit history.
Published on September 17, 2007
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