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Homeowner Loans

Get homeowner loan rates online now and apply for the best product

 
 
 
 

Need to borrow £3,000-£500,000 for your plans?

A homeowner loan may be the solution.

Apply today and our experts will help you find the best deal available for your circumstances.

Loans are secured - your home may be repossessed if you do not keep up repayments.

Rates from 3.95% (fixed for 5 years)Representative APRC 6.3%

Representative Example: Based on borrowing £30,990 over 16 years with 60 monthly repayments of £218.00 followed by 132 monthly payments of £233.64. Annual Interest Rate 3.95% fixed for 5 years, then variable. Representative APRC 6.3%, total amount repayable £42,600.59. Includes a broker fee of £2,995, and lender fee of £995.

Reliable, fast and high quality service

  • Options from £3k to £500k
  • Loans for most credit profiles
  • Easy, quick application process
  • No hidden fees or charges
  • 100,000+ customers helped by us
  • Search products without affecting your credit score
  • Awarded Platinum service rating on Feefo
Homeowner Loans
Representative Example: Based on borrowing £30,990 over 16 years with 60 monthly repayments of £218.00 followed by 132 monthly payments of £233.64. Annual Interest Rate 3.95% fixed for 5 years, then variable. Representative APRC 6.3%, total amount repayable £42,600.59. Includes a broker fee of £2,995, and lender fee of £995.
Loans are secured against property - Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
We are a loan broker Authorised and Regulated by the Financial Conduct Authority.
homeowner loans with house cut out

What is a homeowner loan?

 
 
 
 

Homeowner loans are a form of lending that use the borrower’s home as security against the debt. This means that should you fail to repay the loan, the lender is allowed to repossess your home and sell it to recoup their costs. However, this is usually a last resort.

Using your home as security against the loan means that there is less risk of the lender losing their money. As a result, they may allow you to borrow money despite having a poor or bad credit history. Lenders may also allow you to borrow larger amounts and may offer you a lower interest rate.  

These loans are normally taken out to help consolidate debt, raise funds for home improvements and other large purchases, or a combination of different plans.

So, if you’re looking for a homeowner loan, our committed and approachable team are here to help you. We will do all the work for you, all you need to do is talk us through your needs so we can find you the right product.

We have over 600 solutions, with both fixed and variable rates available, allowing you to find a product personalised to your plans. 

tool shaped house

How do homeowner loans work?

 
 
 
 

As the name suggests, this type of loan is available to people that own their own home. This is because to get this borrowing option, you will need to use your home as security against the loan.

All other elements of this funding option work similarly to other loans, where you pay back a set amount each month, as well as any interest costs. Once the term has finished, your loan will have been re-paid in full.

To start the application process, you will need to make an enquiry to our experts either by using our online form above or calling the team for free on 0800 032 4646.

piggy bank with help sign

How much could I get with a homeowner loan?

 
 
 
 

The amount you can borrow will vary depending on several factors including:

The amount of equity in your home: There must be enough equity in your property to cover the amount of money you wish to borrow.

Your credit rating: Lenders will always consider this before offering you a loan. Using your home as security may help you get a loan even if you have a poor or bad credit score.  

Your Income / Loan affordability: It is essential that you can afford to repay the loan – the last thing anyone wants is for you to lose your home, so it is essential to ensure that your monthly repayments are affordable.

We will assess each factor carefully to make sure we find a product that has a comfortable monthly repayment plan for you.  But, our overall loan options stretch from £3,000 up to £500,000.

house cut out

Are homeowner loans easy to get?

 
 
 
 

Typically they can be easier to get than unsecured loans, as the qualifying criteria is less strict. So, if you have any unusual or complex circumstances you may find it easier to get accepted for a homeowner loan.

The actual application process will vary from lender to lender. Most lenders will what to see proof that you can afford to repay the loan, and that there is enough equity in your home to cover the debt if you are unable to repay. Your credit history will also be taken into account, although using your home as security may mean that some lenders will lend to you despite a poor credit score.

As a result, you will most likely need to:

  • Provide proof of income and discuss your monthly out-goings
  • Undergo a property valuation
  • Undergo a credit check

Some lenders may require additional steps, however these are the ones that are most frequently needed. Our advisors will go through each step with you and make sure that you understand the process clearly before proceeding.

In general, homeowner loans take around 4 weeks to complete, however previously we have been able to help some customers get their loans within just 5 working days!

calculating your loan

What do homeowner loans cost?

 
 
 
 

The cost of a homeowner loan will depend on how much you borrow, how long you borrow it over, and the interest rate of your loan.

In general…

  • The more you borrow, the more you will repay - you will be paying interest on a larger amount of money.
  • The longer you borrow over, the more you will repay - you will be paying interest for longer.
  • The higher the interest rate, the more you will repay – the larger the percentage, the larger the total amount you will repay.

In the application process our team will talk through your needs with you, to understand what is most important to you. They will always try to find a product with as little cost as possible for your specific needs.  

rates dice

Are longer repayment periods better than shorter repayment periods?

 
 
 
 

It depends on your situation and financial priorities. Borrowing money for a longer period of time may reduce your monthly repayments, but you are likely to pay more in interest in total.  

A shorter repayment period will mean that your monthly payments are likely to be higher, however you will pay less money back in total, as you will be paying interest for a shorter period of time.

So always consider your priorities:

  • If you need lower monthly repayments and are happy to repay more overall: a longer repayment period may be suitable.
  • If you want to pay less overall and can afford higher monthly repayments: a shorter repayment period might work for you.

We deal with a wide variety of different lenders, and can provide repayment periods ranging from 3 years up to 35 years.  So, we have solutions for both shorter and longer repayment periods.  

telephone the loans engine

What is the difference between a homeowner loan and a personal loan?

 
 
 
 

The main difference is that a personal loan does not require you to provide security against the debt, so your approval will be dictated mainly by your credit history, your personal financial circumstances and your ability to afford the repayments. Whilst these factors are also considered with a homeowner loan, lenders may be happier to lend to you in circumstances when you may not get approved for a personal loan.

Personal loans also tend to offer lower loan amounts, and shorter repayments periods, as this reduces the risks to the lender.

On the other hand, homeowner loans use the equity in your property as security, which means they can repossess your property if you cannot keep up the repayments. This reduces some of the risk to the lender, particularly if there is a lot of equity in the property, allowing them to lend larger amounts over longer terms.

How do I compare rates?

 
 
 
 

For a free, no obligation quote you can:

Call us on FREE on 0800 032 4646 or compare products online now.

Don't forget – making an enquiry will not affect your credit rating in any way!

Frequently Asked Questions - Homeowner Loans

 
 
 
 

Can I get a homeowner loan with bad credit?

Yes, using your home as security can increase your chances of getting accepted with a bad credit history, as there is less risk to the lender.

However there is no guarantee of success and other factors such as equity, affordability and the amount you want to borrow will all be considered too.

Previously, we have been able to help many customers get loans with bad credit and we will do our very best to help you too.

Are homeowner loans safe?

Yes, as long as you can afford to repay the loan.

It’s essential to remember that all loans have risks, even unsecured loans. If you fail to make your repayments on time, you may be charged additional fees, or your credit score may be impaired.

Homeowner loans carry the additional risk that your home may be repossessed if you fail to repay the loan, however for many lenders this will be a very last resort – most may be able to look for alternative solutions if you experience difficulty making your repayments.

That said, the risk of repossession still exists, so it’s important to think carefully before committing. If you are confident that you can afford to repay the loan, and will continue to be able to do so, then they can be safe.

How long does it take to get a homeowner loan?

Usually, these loans take about 4 weeks to complete. The length of time it takes will largely depend on your personal situation and whether you have any complex circumstances that may make it harder to get a loan approved.

We have been able to do some applications a lot faster. In some cases, it’s only taken 5 working days to complete after getting all the documents needed.

Who are homeowner loans suitable for?

Homeowner loans usually have longer terms and offer larger loan sizes, so it may be a suitable option if you’re wanting to borrow a higher amount over a long term.

Many lenders are also more flexible with their criteria, due to the fact that the loan is secured against your property. Therefore, if you have any complex circumstances, such as bad credit, you may find it easier to get this type of loan.

What should I consider before taking out secured homeowner loans?

Before getting any finance solution it’s important that you consider a few things first, which could include:

- Determine whether you can definitely afford it. The last thing you want to do is take out finance and be struggling to pay it back each month

- Assess all your options before you decide on a solution, to make sure you get the best product available for your needs.

- Think about the length of time that you want to take the loan out for, so that you find a product that fits in with your plans

- Whether you are comfortable to secure a loan against the property

What are the benefits of homeowner secured loans?

Some of the benefits of this solution include:

- Using a home as security can boost the amount of money you’ll be able to borrow

- May be able to get lower interest rates than if you went for unsecured finance

- These solutions can have longer repayment periods, so you can spread your installments out and decrease monthly outgoings

- Lenders are often more lenient with their qualifying criteria, so there could be a greater chance of getting approved

- Spreading repayments out over a longer term could increase the amount of interest you have to pay overall

What are the risks of homeowner secured loans?

Some of the risks of this funding option may be:

- Your property is at risk of being repossessed by your lender if you default on repayments, as your loan is secured against it

- Missing payments could hurt your credit score, which could impact your ability to get further finance in the future

Where could I get homeowner loans from?

Getting one of these solutions is easy, you can speak with a broker, bank or lender to discover the options available to you.

Providers may have different qualifying criteria and products, so it could be worth researching a few options to work out the best fit for your needs.

Our advisors are always more than happy to assist with your enquiry, so that you find an appropriate solution.

What are the homeowner loan rates like?

Interest rates are dependent on your own circumstances, so you won’t know what you’re eligible for until you enquire.

Generally speaking, rates can be a bit lower compared to unsecured options, particularly if you do not have a very good credit profile, as borrowing is against your home provides security for the lender in case you cannot afford the repayments.

Therefore, you may get a better interest rate with this solution. However, it’s worth consulting a mortgage advisor first to find out what you actually might be eligible for.

Are there homeowner loans for poor credit?

Yes, there are solutions available even if you have poor credit.

Borrowing money against your home gives lenders a bit of extra security. Due to this, they’re more likely to accept applications from people with circumstances that are less than perfect, such as a bad credit profile.

There are also unsecured finance options available, but these lenders can be much stricter with their criteria. Therefore, you may find it a lot more challenging to get accepted with these providers if you have bad credit.

Can you get homeowner loans online?

Yes, you can apply for these solutions online by using our quick and easy form above.

After you’ve filled your details in, one of our advisors will get back to you to go through the next steps of the process.

Am I eligible for a homeowner loan?

The biggest qualifying factor for these solutions is that you own a home (as the name suggests). This is because the loan is secured against a property that you own.

It doesn’t matter if it’s a residential or rental house, the money can be borrowed against either property type.

What our customers say about us

 
 
 
 
Feefo Platinum Service Award
"Would recommend, felt informed throughout the procedure."

Mrs C, Reading
30 Mar 2022

"Excellent service with knowledgeable experts that communicated all the details we need to know in order to make an informed decision."

Mr K, Huddersfield
25 Mar 2022

"They identified our needs well and found a very good product which met our expectations. Staff very friendly and responsive and kept us informed throughout the process. Would definitely recommend their services."

Mr W, London
24 Mar 2022

"Extremely helpful, friendly and professional throughout the process. Wouldn't hesitate to recommend."

Mr A, Wotton-under-edge
24 Mar 2022

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