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Borrower’s Guide to Homeowner Loans | LoanTube

Homeowner Loans | LoanTube

Do you own a home and do you want to borrow money? If you type in “homeowner loans” into Google, the high likelihood is that you’ll find plenty of lenders and brokers wanting you to apply through them but each one of them will want you to put up your home as security as a condition for being accepted.

For many people that’s fine but, for others, the risk of losing their home is just not an option they would ever consider. It’s no surprise either – your home is everything you’ve and it’s where you and your family live. LoanTube works with lenders who offer loans for homeowners that don’t require the security of any kind – not your property, not your car, and you don’t need a guarantor either.

In this article, LoanTube explains how online homeowner loans work, how much you can borrow, how long you have to pay your loan back, and what lenders look for in applicants.

Maximise your options: Compare and apply for loans below with LoanTube

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Loan Amount
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£
£
Loan Term
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1 Years20 Years
Representative APR
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6%1333%
Loan Amount
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£250£100000
Representative APR
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6%1333%
Loan Term
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1 Years20 Years

Loan Amount

£4000 -

£20000

Norwich Trust

Loan Term

1 -

10 years

4.8/5

4.8/5

Representative APR

31.90%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.

4.8/5

4.8/5

Norwich Trust

Loan Amount

£4000 -

£20000

Loan Term

1 -

10 years

Representative APR

31.90%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.

Loan Amount

£5000 -

£100000

Evolution Money Loans

Loan Term

1 -

20 years

4.5/5

4.5/5

Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

4.5/5

4.5/5

Evolution Money Loans

Loan Amount

£5000 -

£100000

Loan Term

1 -

20 years

Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

Loan Amount

£1000 -

£10000

1Plus1 Guarantor Loans

Loan Term

1 -

5 years

4.4/5

4.4/5

Representative APR

39.90%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.

4.4/5

4.4/5

1Plus1 Guarantor Loans

Loan Amount

£1000 -

£10000

Loan Term

1 -

5 years

Representative APR

39.90%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.

Same Day Homeowner Loans UK

  • In the way that so much of our lives and our work now is done online over the Internet, most people apply for a homeowner loan online. Applying in this way is far less time-consuming than making an appointment to see your bank manager a week or two in the future and then sitting down with them discussing the finer points of your financial circumstances. Unsecured homeowner loans can be taken out for anywhere from £1000 to £35000 for a period of time as short as 12 months or over a much longer duration of up to 7 years.

What are Homeowner Loans Used For?

Homeowner loans are taken out by borrowers for many different reasons. Some of the most popular reasons are listed below:

  • Debt consolidation – paying off more expensive debts (other loans, credit cards, etc.) in full and benefiting from a lower monthly repayment.
  • Home improvement – is your kitchen or bathroom looking outdated? Would you like to add a conservatory onto your home so that you have a temporary sanctuary away from your noisy toddlers? Get a reasonable quote from a tradesman and finance the difference between the price and your savings with a homeowner loan.
  • New car – who doesn’t rely on a car nowadays to get to work and to ferry the family about? If your current car has seen better days, a homeowner loan could actually be cheaper than the finance deal a car showroom offers you.

Will the Interest Rate Be High?

  • The interest rate on unsecured homeowner loans is generally higher than secured homeowner loans. However, usually not by very much (the interest rate you’re offered will depend on your current financial circumstances and the information contained on your credit report).
  • Please make absolutely sure that you can make all the repayments on time and in full before you agree to any offer made by a lender. A failure to pay back your loan will mean that it will be very hard to secure finance offers from other companies for up to the next six years.
  • With so many companies offering homeowner loans, how can LoanTube help you compare homeowner loans to make sure that you get the most reasonable homeowner loan deal for you?

How LoanTube can Help?

  • By working with LoanTube, you can access homeowner loans in the UK – thanks to our ongoing partnerships with some of Britain’s most reputable lenders.
  • LoanTube is not a lender – we’re a broker. Think of us like an introducer who knows each lender really well. When we start a new partnership with a lender, they tell us exactly the type of borrower they want to work with. The type of borrower lenders like varies – some want you to earn a certain amount of money, others want you to have a certain amount of money left over once you’ve paid off your monthly bills, and each has a different minimum credit score criteria for borrowers they like to work with.
  • LoanTube has spent a great deal of time and money developing what we believe to be the UK’s most sophisticated comparison-and-matching computer system. As soon as you fill out your application form, we take the details you provide, download a copy of your credit report, and then we blend them all together in a specific format for each lender. What happens then is that our computer system takes everything we know about you and then it finds the lenders most likely to say “yes” to your application.
  • This is all done in seconds – we know you don’t have the time to wait about for an answer. If we are able to find two or more lenders whose criteria you match, we’ll propose your application simultaneously to all of them. Each lender then sends back their offer and our computer system then sifts through them to select a suitable option for you.
  • We then show you the loan that we recommend to you on-screen, displaying all the important information you need, to make the right decision  – information about interest rates, monthly repayments, APR, default fees (if applicable), and so on.
  • Then, the ball is in your court – you decide whether this a great deal for you. If you decide that you want to work with the lender on the offer they’ve provided, simply read the terms and conditions and, if you’re happy with them, agree to them. Depending on who you bank with, the money may be there within an hour (however, this is not guaranteed).
  • You are under no obligation to take out any loan offer we find for you. Our service is completely free at all times. To apply for a homeowner loan where you’re not at risk of losing your home, apply through LoanTube by clicking here.

Representative 79.5% APR

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

Other Resources

Representative APR Example

The rate you are offered will depend on your individual circumstances.

Representative APR Example: On an assumed loan amount of £1,000 over 18 months. Rate of interest 59.97% per annum (fixed). Representative 79.5% APR. Total amount payable £1,554.10 of which £554.10 is interest. 17 equal monthly repayments of £86.09, and the final month’s payment of £90.57.

Some of the offered loans might be classed as High Cost Short Term Loans. APR rate starts from 18.22%. The maximum APR rate is 1721%, but you will get a personalised rate tailored to you. The minimum repayment term is 3 months, the maximum repayment term is 7 years. The minimum loan amount is £250 and the maximum loan amount is £35000.

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

Not all borrowers will qualify for a loan. The operator of this website does not engage in any direct consumer lending, we simply provide you a FREE loan brokering service. This means LoanTube does not charge customers a fee for using its introducer services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with them following an introduction by LoanTube.

LoanTube Business Model: As part of our business operations, we connect customers with partner lenders to help them find suitable loan options. LoanTube receives a commission from lenders for this service, which may, in some cases, affect the cost of the loan to the customer. However, as a responsible broker, we are committed to identifying the best possible loan options for our customers.

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