Phone a Loan | Difference between homeowner loans and remortgages

A homeowner loan is not the same as your original mortgage, it is an additional loan that allows you to borrow money based on the equity in your home.

There are a number of differences between a homeowner loan and a remortgage - the main one is the time it takes to apply and get a homeowner loan. With a remortgage, there is a certain amount of legal paperwork to be done if you are looking to remortgage with a different lender, but applying for a loan can be much simpler so the whole process is quicker. A secured homeowner loan could be agreed and processed within 4-6 weeks, with a remortgage perhaps taking 8-12 weeks.

You can take out a secured loan if your property is already mortgaged. If you already have a mortgage what is known as a Second Charge will be taken on your property, which is a homeowner secured loan. If you own your house outright a First Charge will be taken on your property, which is known as a mortgage.

How do I know how much I can borrow?

Our team at Phone a Loan will work with you to determine the maximum amount you can borrow through a homeowner loan. We will consider factors such as the value of your home, the amount of the outstanding mortgage, other debts you currently have and your income.

If you would like to find out how much you could borrow with a homeowner loan from Phone a Loan click here.


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	phonealoan > difference between homeowner loans and remortgages A homeowner loan is not the same as your original mortgage, it is an additional loan that allows you to borrow money based on the equity in your home. There are a number of differences between a homeowner loan and a remortgage - the main one is the time it takes to apply and get a homeowner loan. With a remortgage, there is a certain amount of legal paperwork to be done if you are looking to remortgage with a different lender, but applying for a loan can be much simpler so the whole process is quicker. A secured homeowner loan could be agreed and processed within 4-6 weeks, with a remortgage perhaps taking 8-12 weeks. You can take out a secured loan if your property is already mortgaged. If you already have a mortgage what is known as a Second Charge will be taken on your property, which is a homeowner secured loan. If you own your house outright a First Charge will be taken on your property, which is known as a mortgage. How do I know how much I can borrow? Our team at Phone a Loan will work with you to determine the maximum amount you can borrow through a homeowner loan. We will consider factors such as the value of your home, the amount of the outstanding mortgage, other debts you currently have and your income. If you would like to find out how much you could borrow with a homeowner loan from Phone a Loan click here.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Rates for our UK home loans and UK mortgages will depend on individual circumstances. If you require further details, please ask for an illustration. A Broker Fee may be payable of up to 15% of the loan. For example for a net loan of £85,000 over 152 months, with a £1,400 broker fee, at 16.7% APR, the monthly payments will be £282.00, and the total repayable is £42,864.00. Rates from 13.5% APR variable, 50% of our customers receive a rate less than 19.4%, Typical 22.3% APR variable. Do you need a new car, desperate for a holiday, or is your home in need of some improvements? Whether it is a new kitchen, bathroom, conservatory or extension Phone a Loan is here to help! You can even borrow money for other purposes like wedding or civil ceremonies and to help pay for cosmetic surgery. Even if you have adverse credit, CCJs or arrears; whether you are on benefits or pensions or you have a discharged bankruptcy we will consider almost any circumstance. You could also consolidate all your existing credit cards, store cards and other loans with Phone a Loan which could give you a lower, more manageable monthly repayment and leave you with extra money to spend each month! Any purpose loans \| Adverse credit loan Home loan \| Bad credit problems \| Apply now \| Mortgages \| Business finance \|Bridging loans What is a homeowner loan \| Which Mortgage? \| Enquiry form
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