Homeowner loans are loans that you can obtain by securing the amount borrowed against the value of your home. The loan can be used for any reasonable purpose e.g. home improvements, debt consolidation, a new car, a special holiday etc.

Why choose a homeowner loan?

Homeowner loans, also known as secured loans, can be easier to obtain than unsecured loans because lenders will always prefer using property as security when lending money.

•  Homeowner loans sometimes come with a lower rate of interest than unsecured loans because of the property used to secure them.

•  Homeowner loans depend on your credit status or demographic profile that many secured lenders adopt as a credit score system. Your application would be considered on its own merits and providing you can make the repayments and have substantial equity within your property we can help.

•  A homeowner loan can help you to free the equity in your property, letting you make use of money without having to sell your home.

• As homeowner loans are secured on your home, our lenders will consider lending to customers who have CCJs, defaults and arrears. This makes secured loans available to those who might otherwise have difficulty borrowing money.

•  Homeowner loans are also available if you are self-employed or claiming DWP benefits or pensions because the loan is secured on your property.

There are many advantages to taking out a homeowner loan:

1. It is a relatively low cost way to finance major purchases or home improvements and it is a great way to clear existing debts into a single, more manageable payment.

2. A homeowner loan can usually be processed quickly which means you get your money when you need it and most homeowner loans can be repaid over a longer term than an unsecured loan.

3. You can use the money for almost any purpose:

• Home improvements
• A special holiday
• A new car
• To finance your child’s education
• To pay for a wedding or a civil ceremony
• A conservatory or extension
• And many other purposes

4. Homeowner loans often have lower rates of interest than unsecured loans because they are secured on your property.

5. A homeowner loan can help free equity within your property, letting you make use of the money without having to sell your home.

6. The major benefit to homeowner loans is that they are available to people who may not have a perfect credit history.  If you have CCJs or arrears, or you have been made bankrupt in the past, other types of finance may not be easily available to you. However, because a homeowner loan is secured on your property and as long as you have sufficient equity in your property, and can afford the repayments our lenders will consider providing a secured loan to you.

7. Receiving pensions or benefits? You can still qualify for a homeowner loan even if you are receiving pensions and benefits.  As long as you have sufficient income to cover the repayments.

Phone a loan can find you a homeowner loan with features such as these:

*Amount borrowed remains outstanding at the end of the term

If you are looking for a homeowner loan, let Phone a Loan help you find a loan.  Click here today to start your application.

- What’s the difference between a homeowner loan and a remortgage?

- Why choose a homeowner loan?

- What can I use a homeowner loan for?

- What are the benefits of a homeowner loan?