Homeowner Loans
Your home has more to offer than you know.
Unleash its potential with LoanTube.
Compare Homeowner Loans with Guaranteed APRs
Real-time Offers
Collateral-free loans
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3 steps is all it takes!
Your home is your biggest asset – use it to unlock your borrowing power!
Make the optimum use of your home with LoanTube – compare homeowner loans with real interest rates and find personalised loans
in line with your needs and finances.
Step 1
Share your desired loan term and amount with us.
Step 2
Help us learn more about you through a quick form.
Step 3
Explore guaranteed offers from FCA-verified lenders.
We've partnered with the best in business
Offers from highly reputed FCA – certified lenders to help with your financial needs
A well-planned loan for your financial goals
When you use your home as collateral, it is imperative to do some underlying research.
We’ll do the number crunching while you make an informed decision to ensure a financially secure future
Homeowner loan calculator
What is the purpose of your loan ?How much do you wish to borrow?
What repayment term would you like to choose ?
Representative Example
Loan Amount
£2,600
Loan Term
3 Years
Total repayment
£4,559.66
Monthly repayment
£126.66
RAPR
49.7%
Interest
41% p.a (fixed)
*The rate you get will depend on your individual, financial circumstances. Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.
Open avenues to new, more considerable beginnings
Choose an offer that resonates with your priorities
A homeowner loan that fulfills your checklist
A financial safety net for your every need – Choose your ideal option:
Short - term Fixed Rate Homeowner Loans
- These can be either secured or unsecured loans.
- You repay the loan in fixed instalments throughout the short term for which the rate is fixed – between 1 to 5 years.
- Your repayments will return to the lender’s SVR* once the short term is over.
- Interest rate may go up or down depending on the SVR. You may have to budget each month accordingly.
Fixed - Term Homeowner Loans
- Fixed-term homeowner loans can either secured or unsecured.
- Your monthly instalments remain fixed throughout the term of the loan.
- The interest on the loan stays unchanged throughout the repayment period.
- Since the repayments stay intact, you will have more control over your budget, making them a convenient option.
Variable Rate Homeowner Loans
- Variable rate homeowner loans are usually secured homeowner loans.
- Your monthly instalments are subject to fluctuation throughout the term of the loan. This is based on a change in the interest.
- The interest rate set by your lender can change depending on a change in the Bank of England base rate, or market fluidity.
- Such expenses can be challenging to budget for since the rate can rise or plummet sharply. Sometimes, a drastic change could render you unable to meet the repayment obligations.
Standard Variable Rate
*Standard Variable Rate is the original interest rate set by your lender. You will be moved to the SVR towards the end of your initial short-term fixed rate period.
Alternative Financial Solutions for tenants and homeowners alike
Unsecured Homeowner Loans
- Collateral-free personal loans for your every need
- Customisable loan terms
- Affordable monthly repayments
- Repayment failure could lead to credit score damage
Interest Free Credit Cards
- High cost credit cards with a zero-interest promotional period
- Limited interest-free period (up to 2 years)
- High interest rates after the expiry of the interest-free period
- You may accrue a huge interest on the credit card along with credit score damage.
Use Your Savings
- Create a savings pot to store funds for a rainy day.
- Reaching your savings goal is a continuous process, and may take a while.
- It may not be wise to use up years’ worth of savings for your venture.
- You may have to align your expenses with your budget and your savings pot.
Line of Credit (Unsecured)
- Collateral-free, revolving credit that you can withdraw when required.
- You only pay interest for the amount you borrow.
- Affordable monthly repayments.
- Falling to repay could harm your credit score and you could incur a hefty interest.
Unlock the key to financing your dreams
Your home can be the end of all your money woes – use it wisely with LoanTube:
Here’s what you can use homeowner loans for
To pay for a big-ticket expense
To finance a large-scale home improvement project
To cover unprecedented medical expenses
To consolidate high-interest debt
Consider this before borrowing a secured homeowner
Pros
Cons
Interest rates can be lower than that of unsecured loans.
There is a risk of foreclosure if you fail to oblige to the loan’s terms.
You can borrow money aside from an ongoing unsecured loan.
Variable interest rates can change over time – meaning you may end up paying a high interest at some point.
It enables you to borrow money even if you’re struggling with your credit score.
Lenders may charge a hefty arrangement.
How to calculate your home equity?
Market Value of your property – The amount owed on your mortgage = Your equity in the property.
Example:
Suppose you have purchased a home for £525,000, and its current market value is £550,000. You have been consistently paying your monthly mortgage payments, and £250,000 is left to pay. Then the equity that you have in your home is £300,000.
FAQ'S
Is it easy to get a homeowner loan in the UK?
Homeowner loans can be more accessible than unsecured loans since lenders can use your house as a safety net in the event of a default.
Although these measures only serve as a last resort – your collateral serves as a way for lenders to mitigate their risk.
Thus, many lenders are willing to lend secured homeowner loans to low credit applicants.
While lenders do run a hard credit check on you, they may not weigh it as heavily as they do for unsecured loans, making it easier for you to pursue the option.
Can I apply for a homeowner loan with low credit?
Homeowner loans are secured loans – they have a lower risk proposition for lenders.
Now, while your credit score is pivotal to your loan application, lenders may not weigh it as heavily as in the case of unsecured loans.
In any case, you must pay back homeowner loans on time and in full, since a missed payment or default may result in your assets (usually your house) being repossessed.
Can I borrow homeowner loans online in the UK?
Homeowner loans are available online in the UK – LoanTube lets you compare real-time APRs on multiple homeowner loan offers from FCA-compliant lenders from anywhere in the UK. With LoanTube, you’re just one click away from finding your ideal loan homeowner loan at a zero upfront fee.
How much will homeowner loans cost me?
To calculate the cost of a homeowner loan, you will need to know the interest rate and overhead fees your lender charges.
Interest Rate: Borrowing money involves paying interest. Until you have repaid the loan in full, you will have to pay interest on all your repayments towards the loan. When your loan term is longer, the interest you pay will be higher. Loan offers with lower interest rates and longer terms can be more beneficial in the long run.
Here’s how lenders typically charge interest in the UK:
- Variable interest rate: Variable interest is the type of interest that can change at any point during the loan term, following changes in the BoE base rate. While variable interest rates may be more expensive in the long run, you may get a low-interest loan initially.
- Fixed interest rate: In the case of fixed interest, the interest rate remains the same throughout the entire loan term.
Additional fee:
In most cases, secured loan lenders do not levy different loans. Some lenders may charge a valuation or legal fee, and you should check for such hidden fees before signing your contract.
Here are some of the charges you may incur:
- Brokerage fees
- Legal fees
- Disbursement fees
- Valuation fee
How will a lender assess my application?
You will certainly need a fair credit score to be eligible for a homeowner loan. Although, most lenders will assess your application based on a variety of criteria such as:
- Your income
- Debt-to-income ratio
- Available equity on your home or homeownership
- Market value of your property
- Current employment status
- Alternate sources of income
What if I want to sell my house during my homeowner loan tenure?
If you plan on moving during the loan term of a secured homeowner loan, you may find the following helpful:
- Transferring the loan to your new property: Your lender may charge you additionally to transfer your homeowner loan to the new property.
- Using the sale proceeds to repay the loan: You can use the proceeds from the sale of your old property to pay off the loan.
- Taking out a new loan to repay the original one: If you can’t repay your loan after selling your home, you may feel tempted to take out a new loan to repay the older one. But, this might make it harder for you to afford your mortgage. So, make an informed decision by carefully assessing your affordability
How will HELOC and home equity loans impact my credit score?
Home equity loans and HELOC have nearly a similar impact on your credit score as any other loan. Missed payments on loans could cost you about 150 points from your credit score, while a default could cost you over 250 points. In the worst-case scenario, the lender may have to repossess and sell the assets pledged by you to recuperate their loss.
Thus, as long as you use your loan responsibly and make timely repayments towards it, you should maintain and eventually improve your credit score over time.
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Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.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.