Are you looking for the cheapest homeowner loans? Apply for a cheap loan from our best loan lenders with a low rate of interest.
Homeowner loans are secured loans and ones that require the borrower to secure the loan with their home as collateral. Particularly designed for consumers who want to borrow a larger amount of money than what you would be able to borrow from an unsecured loan. You can apply for a homeowner loan for several reasons; you might need the money for a building extension project on your home or to pay for a wedding. Apply now for secured homeowner loans with the aid of our loan lenders. You might want to work out who is offering the best homeowner loan first by using our secured loan calculator, and then apply for the loan who is offering the lowest cost.
What is a homeowner loan?
A homeowner loan is a secured loan that has been secured with the aid of your house by putting that up as collateral if the consumer defaults on the loan. The loan lender will take legal charge of your home.
Who can apply for a homeowner loan?
You must be a homeowner and be over the age of 18 years of age. If you want to borrow money and you don’t own your own property then you should consider unsecured loans, debt consolidation loans and payday loans.
How much money can I borrow?
With most homeowner loans consumer can borrow any thing from between £3,000 and £100,000. The amount of money will depend on the value of your home and the amount of equity that you have. So if you have a mortgage then it is the amount of money that is left if you sold your house. The applicant’s credit rating may also affect how much you can borrow too.
How long do I get to repay the loan?
Most lenders will allow consumers to repay the total loan amount back from between 3 and 25 years. When applying for a homeowner loan you can select the repayment term you like.
What kind of interest rate will I pay?
The amount of interest or APR that you will be expected to pay for a homeowner or secured loan will depend very much on the loan lender. Although the rate of interest may vary from the advertised APR it does depend on how much you want to borrow and your current credit rating. Higher rates of interest maybe issued if you have a poor credit history. Smaller secured loans with a low credit score will allow consumer to achieve a low rate of interest.
For what purpose can I apply for a homeowner loan?
You apply for a homeowner loan for any purpose you like. Most homeowners use the money to consolidate debts, help buy a holiday abroad or that dream wedding, or help finance a home building project.
Can I still apply for a homeowner loan if I have bad credit?
Yes, consumers with bad credit history can still apply for homeowner loans, but they not end up paying the advertised typical APR. Poor credit history consumers will be given a higher rate of interest on the loan. This depends on your credit score and the loan amount. If you do have a bad credit score then maybe consider a different type of loan lender?