Homeowner Loans

Homeowner Loans

Borrow from £10,000 to £250,000 For Any Purpose.
Spread The Payments From Just 3 To 25 years, To Suit Your Budget.
Many Circumstances Considered.
Competitive Rates & Free No Obligation Quotes.

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Fast Decisions & A Wide Selection Of Secured Borrowing Options - Including Second Mortgages & Remortgages
Arranging homeowner loans has enabled many of our customers to obtain the money they require for over 25 years. Our vast experience in the homeowner and mortgage payers any purpose loans market has, as you would expect, enabled us to build a lender panel to match many different scenarios. If you are currently looking for, or considering a homeowner loan to get finance from £10,000 to £250,000 for virtually any purpose then you could have come to just the right place. We have spent plenty of time learning the ins and outs when it comes to homeowner and mortgage payer loans. Not only that but we have developed key relationships and can even get hold of semi-exclusive deals with some of the specialist lenders that offer some of the most competitive homeowner loan plans on the current market. To get a free no obligation quote and have the accurate figures for your scenario in your hand, simply call our homeowner loans team without obligation on free phone 0800 298 3000 or complete our shorton line enquiry form and we will get the ball rolling to arrange for you our best deals possible on homeowner loans.

Please select your credit profile: Good Credit Homeowner LoansHome LoansHomeowner Loans for Poor Credit
  Plan Rate Typical  
Precise Mortgages - Homeowner Loans 6.15% APRC
7.9% APRC Precise Loans and Mortgages

Masthaven Homeowner Loans 7.45% APRC
9.8% APRC Home Loan Quote

Together Homeowner Loans 9.06% APRC
11.9% APRC Precise Home Owner Loans

Spring Finance Homeowner Loans 13.92% APRC
17.8% APRC Precise Loans For Homeowners

Representative APRC`s each table example is based on a £30,000 loan over 15 years with any processing and lender fees added. 9.8% APRC. Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest).

Taking out a loan is a big decision for a homeowner, borrowing money is a serious commitment and therefore you may want to choose someone with plenty of experience to help you raise the money you require. Whether you are a homeowner who lives in your property or an owner of a buy to let property that you rent out, we have home loan plans to suit either scenario. Loans For HomeownersThe credit crunch left a lot of us with some residual bad credit, or a little overstretched and even now some people have had hiccups on their credit record, we are aware of this issue and so try to add products to our loan selection to cover customers with Good, Fair and even Adverse or Poor credit.

How Much Can I Borrow?

Borrowing money with a homeowner loan can be an effective way to obtain some larger amounts of finance on a decent interest rate and give you the ability to spread the payments over a long or short period of time. The minimum you can borrow is £5,000 and the shortest time you can take it out over is 3 years, or 36 months. However you can pay the loan back early at any time if you are able and will normally just pay one or two months interest plus the capital outstanding. At the other end of the scale loans for homeowners can be as large as £200,000 and repayment periods can go to as long as 25 years to suit your cash flow. As a matter of interest our most popular homeowner loans range between £15,000 and £35,000 with a term of around 7 to 9 years

Most importantly you need to make sure that you are in a position to afford such a significant financial outlay. In other words we should only borrow what we can afford to repay. The lenders feel the same way and homeowner loans are no different from any other mortgage or secured loan in that they have criteria in place to determine if the loan is affordable, and how much you might be able to borrow. Such criteria often includes these main components:

  • The loan to value (ltv) of the arrangement
  • The age of the applicant / applicants
  • The total income of those taking out the homeowner loan
  • How much you are still going to be paying on other bills if you go ahead
These and other factors will have an affect on how much money you can borrow. Not only that but we want you to be as prepared as possible when determining what you can borrow and what you can afford. There are various calculators from the calculator tab on this site that can help you get a feel for the figures involved. For example use our debt consolidation calculator to help you see what your cashflow could look like if you decide to utilise a consolidation loan to get back on top of your finances.

Homeowner Loans Explained

Homeowner loans, also referred to as second charge, second mortgage or secured loans, are loans that you borrow from a lender who uses your property as security for the loan. Your property, whether it is a second home, a buy to let property or your residential property acts as security for the loan, provided that there is enough equity in the property to cover the amount owed on the loan, if you default on it. Homeowner loans can be taken out on most types of livable property as long as you own them. If you do not keep up with the repayments on the loan, it is within the lenders rights as a last resort, to repossess the property.

Homeowner loans normally sit behind whatever existing mortgage you have on the property, as a completely separate charge. As they are a separate charge all together you do not have to obtain enough money to cover the existing mortgage, as long as you have enough equity available in your property the loan will effectively be added on to what you owe on the property not joined in the same charge. A homeowner loan can typically fund from £10,000 to £200,000 depending on your circumstances and requirements and if you fit the lending criteria. If you already have in mind an important reason to get some finance then fill in our online application, stating that you are looking for a homeowner loan and our in house finance advisers will get back to you to discuss your options without obligation.

Homeowner Loans With No Mortgage / deeds cases

Having no mortgage on your residential property, or being mortgage free means that you, and you alone owns the property. These are known as deeds cases because un the past once you had no mortgage the lender would send your home deeds back to you. Therefore there are no outstanding charges to any lending company or high street bank on your property. This can be a great position to be in. For one you have no mortgage to pay and your monthly income can be invested elsewhere. Unfortunately one of the requirements for homeowner loans is that there is an existing charge on the property. This is normally in the shape of a current mortgage so that the loan can sit behind it as a second charge. If you have no mortgage or charge existing on the deeds to your property then you are of course still eligible for a homeowner loan, but the loan would sit as a first charge on the property and that by current regulations would make it into a mortgage. So an application for a homeowner loan on a mortgage free property is simply treated as a mortgage and our advisers will advise on that accordingly and find the best plan from our panel to obtain those funds for you.

The mortgage would still be using your property as security similar to homeowner loans but instead it would act as a first charge. A mortgage on a deeds case is also sometimes classed as a remortgage because you are not moving home. Now as you owe nothing on the property you can secure some of the very best rates out there because you will have plenty of equity.


Is A Homeowner Loan Or A Remortgage My Best Option?

So you are thinking of improving your home, or finally sorting out those personal debts or you want to expand the family? Great news! In the latter case to fit everybody in the house an extension or loft expansion could do the trick and we could help you borrow the money to do it. Raising money through a homeowner loan or a remortgage may be a suitable way to get the money without breaking the bank. Here at First Choice we understand that every clients situation is different which means there is no definitive answer. We suggest that you give our knowledgeable experienced adviser team a call on the above number to talk through your individual circumstances, this can enable us to provide you with no obligation, free quotes for both options if needs be. In the mean time here are a few points to further explain homeowner loans vs. remortgages;

Homeowner loans- You do not need to repay your existing mortgage off, this means that if you have a great deal or you are in a fixed period with early repayment charges. You don`t have to move away from your mortgage provider and pay costly early repayment charges.

Remortgages- There tends to be lower rates for remortgages than secured loans as they are first charge on the house and usually for larger amounts of money in total. Also a full refinance mortgage normally can mean you will only be left with one monthly credit bill to pay.

Secured homeowner loans

Video transcript

If you have not found a lender to give you enough money for the purposes you need it for, or won`t sanction a loan based on your borrowing history, you may want to look into secured homeowner loans.

Your intention may be to spend tens of thousands of pounds on a major project like redeveloping your home with a view to increasing its value or to improve your living standards and in the current climate homeowners may find it difficult to get these projects of the ground.

On the other hand, you may be looking to reorganise your unsecured debts or credit cards and loans into a single secured home loan, which will be easier to keep track of and should require much smaller monthly payments.

However, if the homeowner loan is paid over a longer period, you may incur more interest costs in total over the term.

Of course, most of us are not aiming to borrow an extravagant amount of money, just enough to get your project completed. If you are a homeowner and interested in a secured loan, even if you have a lack of credit history or you are self employed , you may still be able to get those funds sorted from First Choice Finance.

The same goes even if you are unlucky enough to have an impaired credit history.

With this kind of borrowing, your property is used as security so that the lender can see your level of commitment to repaying the loan and there appears to be a growing trend towards granting loans secured against property, with the Bank of England`s Credit Conditions Survey showing that availability increased over the fourth quarter of 2012.

If you`re interested in finding out more about secured homeowner loans, fill in our short on line form at firstchoicefinance.co.uk or speak to one of our finance advisers on 0800 298 3000 from a landline or 0333 003 1505 from a mobile for a free quote.

Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest)..

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.