Your home has more to offer than you know.
Unleash its potential with LoanTube.
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.
Share your desired loan term and amount with us.
Help us learn more about you through a quick form.
Explore guaranteed offers from FCA-verified lenders.
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
Choose an offer that resonates with your priorities
*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.
Your home can be the end of all your money woes – use it wisely with LoanTube:
Market Value of your property – The amount owed on your mortgage = Your equity in the property.
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.
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.
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.
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.
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:
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:
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:
If you plan on moving during the loan term of a secured homeowner loan, you may find the following helpful:
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.
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.