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What is a Homeowner Loan? What could a Homeowner Loan do for me? Where can I get a Homeowner Loan? Why choose a FIRSTPLUS Homeowner Loan? How do I apply for a FIRSTPLUS Homeowner Loan?
A Homeowner Loan is a secured loan. It is usually secured on the money or equity tied up in your property.
A loan secured on your property is less risky for the lender, so they will usually charge lower interest rates over the loan term. This means Homeowner Loans can be more affordable than unsecured loans.
Homeowner Loans are typically used to borrow larger amounts and repay over a longer term. With a Homeowner Loan in most cases, the minimum you can borrow is £5,000 and you can usually choose to repay over 5-25 years.
Although Homeowner Loans may offer lower interest rates than unsecured loans, because you repay over a long term your overall interest charges will increase.
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Homeowner Loans are often for amounts in excess of £5,000 so they can be useful if you're planning a major project or purchase. For example, you could use a Homeowner Loan to fund home renovations such as a new kitchen, bathroom or extension.
Some people also use a secured loan to consolidate other debts. This means they consolidate debts from their credit cards, store cards and other loans into a secured loan, which offers them a lower rate of interest and just one manageable monthly repayment rather than paying many different bills with a range of interest rates.
There are a number of places you can look for a Homeowner Loan. You can apply direct to a specialist loan company like FIRSTPLUS or you could seek help from a loan broker who will compare different Homeowner Loans and help you decide on the best one for you. Alternatively, many banks also offer Homeowner Loans.
FIRSTPLUS Homeowner Loans are for any amount over £5,000 up to £100,000. The interest rate is typical 8.5% APR variable.
Many Homeowner Loans only allow you to borrow up to 90% of the value of your home, less your mortgage balance, in other words 90% of your equity. By contrast, with FIRSTPLUS you could be eligible to borrow up to the value of your home, less your mortgage balance. You also have between 5 and 25 years to repay your FIRSTPLUS Homeowner Loan so it effectively allows you to borrow more, more affordably.
First of all, use our loan calculator to find out what your affordable monthly payment could be.
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* and discuss your secured loan needs. Typical 8.5% APR variable.
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