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Whether you need a homeowner loan or a mortgage on a property, all our quotes are free and given with pleasure.
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Your homeowner loan in 4 simple steps
Tell us what loan you need
Check the loan details
Good to go? Now’s the time to make sure that you’re happy with your homeowner loan and rate. And you’re confident that you can afford the repayments.
Chat with the lender
Taking out a large loan? Our lender will give you a quick call to discuss the homeowner loan. It’ll only take a few minutes and protects you and the lender.
Receive your homeowner loan
And it’s done! Your homeowner loan will land directly in your bank account, ready for you to enjoy. And things will be even simpler if you fancy using our service again.
What would I use a homeowner loan for?
A homeowner loan, sometimes known as a second charge mortgage or a secured loan, can be used for almost anything. The most common reasons are debt consolidation, home improvements or large personal purchases.
If you’re looking to consolidate your existing debts, such as credit cards and high rate loans, you can take advantage of a lower interest rate and cut the amount going out on monthly repayments.
Why would I choose a homeowner loan?
The rates are normally very competitive and if you are a homeowner and need to borrow more the about £35,000 then a lender would normally want security to make sure they get repaid.
As the equity you have in your property is used to guarantee your repayments, homeowner loans are a good option if you have a poor credit history or are self-employed and would otherwise struggle to get approval for a large loan at a good rate.
How much can I borrow?
You can borrow between £5,000 and £5,000,000.
You can usually borrow up nearly the amount as you have equity in your property. ‘Equity’ means the proportion of your property that you own outright, free and clear of a mortgage or other loans secured against it. A secured homeowner loan usually offers flexible repayment terms, so you could choose to spread your repayments over a longer period than is usually possible with an unsecured loan.
Be sure to only borrow the amount you need and over the shortest time period you can afford, as a secured loan is secured against your home, so if you miss repayments it could put your property at risk.
How does a homeowner loan or second mortgage work?
Once your second mortgage is agreed by the lender, the money is paid into your bank account and it will be yours to spend on whatever you need or for repaying the old loan you want to pay off. You’ll then start making your agreed monthly repayments to your lender over the term you agreed.
If you’re wondering how to get a second mortgage we’ll be happy to help you at Loan.co.uk