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.

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  • Loan

    Loans from £1,000 – £35,000

  • Loan

    Borrow for 12 to 84 Months

  • Minimum Documentation

  • No Collateral Required

  • Loan

    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

If your loan application is denied, you may want to consider a few other alternatives for your expenses. Remember that every financial product has its own set of pros and cons. Therefore, choose your financing option after careful and thorough consideration of all the options that are available to you at the moment.
  • 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?

Real Interest Rates

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

Instant Decision

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.

Customer Ratings

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

We have answered almost every question related to homeowner loan that are frequently asked. If you do not find something, please contact us.

Our current panel of lenders will only consider lending to applicants who are aged 18 years or older.

Yes. Ideally, your employment should be full-time and permanent. If you don’t work full-time but you receive income from other sources like self-employment and from rents from your tenants, this is, in many cases, fine.

No – sorry. Currently, we have no lenders on our panel who are prepared to work with people with a bankruptcy, IVA, or debt management arrangement order against them.

No. Our homeowner loans are unsecured so your lender has no legal right to repossess your property.

On your application form, we’ll ask you about your employment and earning details, your monthly expenses, and a few more questions. The application process just takes a few minutes.

No, you don’t.

You should receive the answer to your request for a loan within seconds. On some occasions, a lender may require you to speak with one of their advisors over the phone to clarify any details about which they are unsure. Depending on that conversation, any provisional offer you receive may be revised or withdrawn.

The Financial Conduct Authority is the government body which oversees the loan industry – both lenders and brokers. LoanTube is a broker, so we don’t actually lend you any money ourselves. Our job is to pair up the right lender with the right borrower – that means we can submit multiple applications to different lenders at the same time rather than you having to apply directly to each one.

What we do is when we have your homeowner loan application, we will look at the details you’ve sent us and then we match you up to the right lenders. Lenders tell us in advance the type of person they’d be happy to lend money to. Because we know this information, we can be very careful and selective about only proposing your loan to the lenders most likely to offer you the cheapest deal.

No – definitely not. You will be offered exactly the same rate by the lenders on our panel whether you apply through us or directly to them. We also don’t charge you any money for our service – it’s completely free whether you decide to take out a loan deal we’ve found you or not.

When we’re searching around for the best deal for you, we only carry out a soft credit check. Soft credit checks have no effect at all on your credit score. By carrying out the soft check, it gives us a better idea of which lender to propose your homeowner loan to because, when they make a decision, they consider both what’s on your application and what’s in your credit report.

No – not at all. Just to be absolutely clear, if we find a loan for you and you don’t like that loan, we won’t charge you for looking and you don’t have to say “yes” to the great deal we’ve found.

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