A Homeowner Loan is a way of using
equity tied up in your property to raise money. Equity is
difference between
value of your home and your outstanding mortgage. Many lenders are willing to convert this equity into cash in
form a secured homeowner loan, which means that
loan is guaranteed by your property. A homeowner loan is a sum of money that you borrow from a lender. The loan will usually be paid out as a lump sum. In return for this, you agree to make regular repayments and pay interest on
loan. A homeowner loan will ordinarily be secured on your home to provide
lender additional security on
money they have lent you.
A Homeowner Loan is a loan secured on your home - this provides
lender with some form of security, regardless of whether it is mortgaged or owned outright.
A homeowner loan can give you
ability to borrow money based on how much equity you have in your property. Equity is
difference between
value of your property and
amount you have outstanding on your mortgage. This can help you release some of
value in your property to use for major purchases.
You can borrow more with loans secured on property, normally up to £75,000 but potentially up to £100,000, and cheap secured loans interest rates are normally lower than with an unsecured loan because of
lower risk to
lender.