A home owner loan is secured against your home and the loan can be used for absolutely any purpose from a new car, exotic holiday or capital to start a new
business through to home improvements, in fact, anything you like!
Loans can be for any amount from £1000 to £1 million.
People with a poor credit history eg defaults, county court judgements (CCJs), mortgage arrears, ex-bankrupts and IVA repair can be accepted.
Since the loan is secured the rate will be the lowest available for your personal circumstances. Remember too, that these loans are suitable for the self employed and that there are even loans for applicants who are retired!
Please click here to read about credit scoring and credit history.
Please click here to read about the different types of loans available.
A home owner loan allows you to unlock the value tied up in your property. This type of secured loan can be used for any purpose from a new car, or home improvements to a much-needed break away with the family. They are available to anyone who owns their own home, either outright or under a mortgage. It is the most common type of secured loan and often offers lower rates of interest than other loans. A homeowner loan can also give people who have been refused a loan elsewhere the chance to refinance their existing debts and start afresh.
A home owner loan will be cheaper because it is usually for a significant amount of money and the lender is taking less of a risk with property secured against it. If you are investing in home improvements, the increase in the value of your property could also see you making a profit.