home loans

your questions

Home loans explained
The pros and cons of a home loan
How you can use a home loan
Four reasons to choose a FIRSTPLUS home loan
Applying for your FIRSTPLUS home loan

home loans explained

Home loans are available to people who own their own home and who have a mortgage. It allows them to borrow more because the lender will use their property as security for the loan.

This means a home loan is a secured loan, which allows you to borrow against the money - or equity - that is tied up in your home. A secured loan is judged to be less risky for the lender so typically you will pay a lower interest rate than you would for a personal or unsecured loan - and you can also borrow more.

Some lenders call these home loans, others call them Homeowner Loans, but they are essentially the same thing. FIRSTPLUS refers to them as a Homeowner Loan because it clearly describes who the loan is for.

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the pros and cons of a home loan

The pros...

The cons...

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how you can use a home loan

You can choose to use your home loan in almost any way you wish. However, it is not available for business purposes.

Because you may be repaying your home loan for a long time it is a good idea to consider the long-term value of anything you decide to use your loan for. For example home loans can be a good solution for funding kitchen or bathroom renovations, extensions or loft conversions, a car or even debt consolidation. They may be less appropriate to fund a holiday.

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four reasons to choose a FIRSTPLUS home loan

• many home loans allow you to borrow up to 90% of the value of your home, less your mortgage balance. However, with FIRSTPLUS you could be able to borrow up to the value of your home, less your remaining mortgage balance
• the majority of FIRSTPLUS customers will qualify for a home loan rate of typical 8.5% APR variable
• we process all applications promptly and pay out your loan as soon as possible
• applying for a FIRSTPLUS home loan is simple. Our dedicated account team ensure the process is quick, easy and stress-free

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applying for your home loan

Before applying for your home loan please note the following:

• you must be a home owner with an existing mortgage
• the outcome of your application will depend on the amount of equity you have in your home since your loan is secured on your property
• we will assess your suitability for a loan by conducting a credit search on the credit file information held with the Credit Reference Agency.
• use our loan calculator to find out what you're affordable monthly payment could be, and then choose which way you'd like to apply.

You can apply online straight away for your FIRSTPLUS Homeowner Loan. Alternatively, if you'd like to speak to one of our Homeowner Loan advisers you can call free on 0800 050 0202*. Lines are open 8am - 9pm Monday to Friday and 9am-5pm at weekends. If you prefer, we can call you back.

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