So you're looking for a homeowner loan? You've come to the right place to find out more.
But let's get the thing in some kind of perspective.
You've got a mortgage, right? Well, it's the commonest form of secured personal lending there is out there.
And it means the mortgage company has a first charge on your home. Fail to keep up the monthly repayments and they can legally take it from you.
So what's all that got to do with homeowner loans? Everything, really. A homeowner loan is a handy label, nothing more, a way of describing what you want.
In reality, you are looking for a secured loan - a loan which is linked to the equity locked within your property.
And the equity is simply the difference between the current value of your home and the purchase price (the mortgage).
However, that difference is the figure you are borrowing against, when you apply for a homeowner - or secured - loan.
Now, you can apply for the secured loan from your current mortgage provider, or look around for another lender. It's up to you.
If you apply for the secured loan from another lender, they have the second charge on the property.
This is considered more of a risk and therefore the secured loan rate offered may be slightly higher to reflect this.
That's because they will take second place in the queue, behind your mortgage company, if you default and repossession is the outcome.
That, in a nutshell, is a homeowner loan, a secured loan by any other name.
And you can apply for one, here, by filling out the simple application form on this page.
We make the whole process easy and you're sure to be happy with the rates offered!
