What is a homeowner loan?
It’s a loan that’s secured against your property, so you need to hold a mortgage to be eligible.
Homeowner loans can be used for many different purposes, including larger projects, or reducing monthly payments to existing credit commitments.
As the loan is secured against your home, it gives lenders an extra level of security. As a result, these loans are usually for larger amounts of money, the rates are usually lower and you can borrow the money for longer – compared to other loans.
Homeowner loans vs personal loans
Homeowner loans offer borrowing of up to £500k over 3 to 30 year terms
Can be cheaper than a personal loan
Secured against your home
An adviser will check this is your best option
Personal loans offer borrowing of up to £15,000 over 1 to 5 year terms
Quick to arrange
Home ownership not required
Quick online decision
Will checking my eligibility impact my credit score?
No, getting a quote won't harm your credit score.
How much can I borrow?
Depending on your income and the amount of equity in your property, you can borrow anything from £3,000 to £500,000 with repayment terms from 1 year to 30 years. If you know how much you can afford to pay every month, click here to go to our loan calculator and see how much you could borrow.
What can I use my money for?
Your loan can be used for whatever you like. You can clear your credit cards, store cards and other high interest borrowings, to enjoy one, more affordable, monthly payment. You could use it for home improvements, whether you’re redecorating or adding a conservatory or loft conversion, a new car, a luxury holiday or help with your children's first home or college fees. It’s up to you.
What if I have CCJs, defaults or mortgage arrears?
Whatever your credit history our experienced customer care team will help you find a loan with the lowest interest rate and the most preferential terms available for your situation. Even if you've been turned down elsewhere, we could still help. We have access to lenders who specialise in helping customers in your situation, so even if you’ve previously defaulted on a loan, have CCJs or mortgage arrears we could help you get the money you need.
How quickly will I receive my money?
An experienced customer manager will guide you through the application to ensure your money arrives as quickly as possible. They’ll keep you up-to-date on the progress of your loan at all times.
Can I consolidate my existing debts?
Once you receive your loan you can spend the money as you please. You could pay off all your existing higher interest rate credit cards, store cards, overdrafts, HP etc and leave yourself with just one monthly payment, which would be much easier to manage. You could also use any cash left over to treat yourself to something you've always wanted.
What information do I need to provide?
You would typically provide your residential address(es) for the last three years, your date of birth (you must be over 18 years old), your employment details and some financial information. Customer managers will then guide you through any additional documentation and more detailed enquiries if required.
How confidential is my application?
We treat your application in the strictest confidence and will never contact your employers, banks or any other third party without your permission. Our reputation is built on the trust and confidentiality we offer our customers.
How long will it take to repay my loan?
Typically repayment terms from 1 year to 30 years are offered. You can use a loan calculator to help you decide the monthly amount you'll be happy to pay. Just remember that while extending the repayment period will reduce your monthly outgoings, you will pay more in interest charges.
What will my monthly payment be?
The amount you pay every month will depend on how much you borrow, over what period you intend to repay your loan and your individual circumstances. A loan calculator will help you work out how much you can afford to borrow and your repayment term.
Do you offer fixed interest rates?
There are a range of fixed interest rate loans so you can enjoy the financial stability of knowing exactly how much you have to pay every month. You can make plans with the certainty that any interest rate rises won't affect you or your loan, making it easier to manage your finances.
Can I repay my loan early?
Yes if you decide to repay your loan early the lender will provide you with an early settlement quote. Any charges will be shown in your early settlement quote.
Can you help if I want to remortgage my property?
Yes, we can. A remortgage lets you pay off your current mortgage and replace it with a new one, for a larger amount, to release the equity in your property so you can spend it on whatever you need. Remortgages tend to offer a lower interest rate than secured or unsecured loans, and we'll take care of the administration to make your application as straightforward as possible.