Home loans for UK homeowners. Any circumstances and any purpose.

Home Loans

Home loans are loans open to most homeowners. They are secured loans, which means they allow you to borrow against your property - usually your home. They are not the same as your mortgage, they are an additional loan that lends you money based on the equity in your home. This type of loan is often far easier to obtain than getting a mortgage, and can be quick to obtain. Because the lender has security they will be repaid, they can offer better terms than for unsecured loans.

The maximum amount you can borrow through a home loan will depend on factors such as the value of your property, the outstanding mortgage remaining on it, and any other debts you currently have. They will use this information to decide on a loan amount and other terms. Most lenders will lend you up to a fairly straightforward percentage of the value of your house, with some even offering as much as 125% of your home's value.

THE ADVANTAGES OF A HOME LOAN

There are many advantages to taking out home loans. They can be a relatively low cost way to finance significant expenditure such as major purchases or home improvements, and it's often the case that the money comes with very few restrictions. The fees associated with home loans are often much less than with other types of loans, as well. They can usually be repaid over longer periods, and attract a favourable interest rate compared to unsecured borrowing.

WHAT COULD YOU DO WITH A HOME LOAN?

With home loans, the money you borrow can be used for almost any purpose. You can use it to buy a car, boat or caravan, pay for education, renovate your home and/or garden, extend your house, or go on holiday, among other things. Just remember that you are borrowing against your home, so it's important you don't over commit and put your home at risk.