Homeowner Loan Guide

If you're looking for a Homeowner loan then read on to find out what to look for or just go straight to the homeowner loan comparison.

Homeowner Loan - what is it?

A homeowner loan is a loan that is secured against your property. A homeowner loan generally allows you to borrow more and over a longer term than an unsecured loan. Homeowner loans are also easier to obtain as the lender has the security of the borrowers property should any problems in repayment arise.

How much can I borrow?

Generally you can borrow between £3,000 and £100,000. However, some lenders will allow you to borrow as much as 125% of your properties value, subject to your circumstances.

Over what term can I borrow?

The repayment term of a homeowner loan is agreed at the beginning of the loan and is generally between 3 and 25 years.

Comparing homeowner loans

Like all loans it's important to shop around to find a homeowner loan that's right for you. The homeowner loan market is very competitive so different rates are being offered all the time. Look for a lender that will provide you a loan for the amount you require and over a term that suits your needs. Have a look at our Homeowner loans comparison page where you can enter your loan amount and term to calculate the monthly payment for each loan that matches your requirements.

Can I repay a homeowner loan early?

Some lenders allow you to repay your homeowner loan early without any additional charges, others will charge you for the privilege. If you think you may be in a position to pay off your loan early, you should look closely at the loan policy details for what's known as a redemption penalty to see what the lender requires of you in such an event.

How long before I have the money?

This depends on your circumstances and how efficient the lender is at conducting the administration of your homeowner loan application. Generally speaking though, the time from application to receiving the money for most homeowner loans is around three weeks.