Homeowner Loans
Compare homeowner loans with real interest rates.
Borrow a loan by using your home as security. The interest rates for these loans are lower as you will be offering your property as collateral while borrowing the loan.
Loans from £1,000 – £35,000
Borrow for 12 to 84 Months
Minimum Documentation
No Collateral Required
Real Interest Rate
What is a Homeowner Loan?
A homeowner loan is an unsecured personal loan that you can borrow without keeping your property as security. That means if you fail to keep up with the repayments, the lender cannot possess your home. Your property will not be at stake with an unsecured homeowner loan. However, your credit score will be affected if you do not repay the loan on time.
The interest rates that you will be offered on these loans will vary from lender to lender as different lenders have different criteria for lending money. Moreover, the interest rates also depend on a variety of factors such as:
- Your income
- Your expenses
- Your credit history
- Debt utilisation ratio
- Current employment status
Therefore, choose your lender after a careful and thorough loan comparison.
Reasons to Borrow a Homeowner Loan
Use the funds to make home improvements and renovations to boost the value of your home.
Consolidate your debts to lower the overall interest that you are paying on the current debts.
Your credit score will improve gradually if you make repayments on time.
You can also use the funds to finance your dream vacation to an exotic destination with your loved ones.
Things to Consider Before Borrowing a Homeowner Loan
- Unsecured homeowner loans are a type of loan for borrowers who have a mortgage on their property or who own their property outright but where the loan is not secured on your property.
- Worried that a bad credit rating means you won’t get access to the best homeowner loans? Don’t be. Lenders consider your current repayment ability and creditworthiness while assessing your loan application.
- Online homeowner loans allow you to borrow between £1000 and £35000 for a period of between 12 months and 7 years. Our homeowner loans have lower rates of interest than standard personal loans because lenders tend to view homeowners’ applications more favourably than tenants’.
- Unlike with secured homeowner loans, homeowner loans at LoanTube mean that no “second charge” is taken out on your property. That means if you can’t keep up the repayments or if your loan falls into default, your lender does NOT have the right to repossess your property. Please note that non-repayment of Unsecured Homeowner Loans may leave a negative impact on your credit score.
Alternatives to Homeowner Loans
Credit cards often prove to be useful in emergencies. If you have a credit card, you can use it too, however, you have to be careful about the expenses. Because unlike unsecured personal loans, you have to repay the credit card debt in a single shot or else, the card will be levied with high-interest rates. Use a credit card only if you have the budget to repay the entire debt at one shot.
Contact your bank to arrange for an authorised overdraft. Discuss your monetary concerns and the bank will assign you a spending limit. Be sure that you spend within the assigned limit. If you go beyond the limit, additional charges will be levied to your account. Bank overdrafts are an expensive form of borrowing, therefore, make your decision according to your financial requirements.
If you want to borrow a large sum of money, you can also consider a secured loan. Such loans allow you to borrow money for big-ticket expenses. However, you have to use your property as security while borrowing a secured loan. If you fail to repay the loan on time, the lender may possess your home. That means there is a risk of losing your property if you do not have a concrete repayment plan.
Why Should You Apply With Us?
Unlike other loan comparison websites, we offer you a platform to compare the rates of personal loans on real time. That means you can now compare the loans on real interest rates rather than on proposed rates
You do not have to wait for hours or days at end to know the decision of our lenders. It will hardly take a minute or two and you will receive detailed information like the lenders who have accepted your application and who have declined it.
We love our customers and so do they. A lot of our customers have appreciated our service that is simple, fast, and transparent. We believe in making the entire process less time consuming, straightforward and easy for a seamless borrowing experience.
FAQs on Homeowner Loans
Representative APR Example
The rate you are offered will depend on your individual circumstances.
Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54