Are you looking to borrow money? As a homeowner, you could borrow up to £35,000 through Simple Personal Loans and it’s large panel of UK lenders. Owning your own home with or without a mortgage could make borrowing money a whole lot easier. Simple Personal Loans can help you find a homeowner loan for whatever you need it for
What is a Homeowner Loan?
A homeowner loan is simply a loan for homeowners. Yes, it’s that simple.
Essentially, you’ll need to own your own property or hold a mortgage to be eligible. Homeowner loans can be used for many different purposes, including home improvements, debt consolidation or to help buy a new car.
The loan can either be a secured or unsecured loan depending on your preferences. However, choosing to use your home as collateral gives lenders an extra level of security. As a result, these loans allow you to borrow a large sum of money, the rates are usually lower and you can borrow the money for longer, compared to other loans.
If you choose a secured homeowner loan, then you could be putting your home at risk. In the worst-case scenario, this means your home may be repossessed.
Homeowner Loans vs Personal Loans
Homeowner loans and personal loans are similar. However, there are a couple of key differences. The most obvious, as you’d expect, is that you can’t get a homeowner loan without owning a home. If you’re a renter, you can only apply for a personal loan because you have no property that you can ‘secure’ the loan against.
How a Homeowner Loan can benefit you
If you are a homeowner, a loan from Simple Personal Loans may be a suitable option. We will help you find affordable payment terms that suit your circumstances, so you could access the loan you need.
Rather than focus solely on your credit history, we look at your full story. That’s because we know everyone’s situation is unique – including yours, regardless of whether or not you’ve had credit problems in the past.
Does it have to be a Secured Loan?
If you are a homeowner you will have what the lenders call, an asset or collateral, which means you can either apply for a secured loan by guaranteeing the loan against your house or an un-secured loan which has no ties to any property or asset.
How do Homeowner Loans work?
Once the loan is agreed, the money will be paid into your bank account and it’s yours to spend on what you want. You’ll then start making your agreed monthly repayments to the lender to eventually pay off the loan.