Homeowner Loans
Homeowner loan is a loan where your home is used as security to the Lender for the money you borrow. In other words, if you don't pay back the loan, the Lender can sell your house in order to recoup any losses. Homeowner loans are also known as home personal loans, second charge loans or second mortgage loans. How much you can borrow depends on how much equity is in your house (the difference between your mortgage and the property's value).
ADVANTAGES
As a homeowner, you can borrow against the value in your home without spending your equity. Most lender loans don't require upfront legal, survey and other fees.
With a homeowner loan, you can keep your current mortgage, so you don't need to remortgage. Interest rates for homeowner loans will depend on your credit record including any mortgage arrears and CCJs, proof of income and employment status.
WHAT CAN I DO WITH A HOMEOWNER LOAN
Homeowner loans can be used for any purpose. You can use the money to consolidate and reschedule existing debts, pay off overdrafts and credit cards or simply to treat yourself to a new car, holiday, home improvements etc.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
