Apply For A Homeowner Loan As It Is A Multi Purpose Secured Loan.
For those who ask as to what is the best way to raise funds if you are a homeowner, the two best ways are either a remortgage or a homeowner loan.If you have recently arranged a new mortgage on your property, and it is at a low interest rate fixed for the next few years, you will not want to move mortgage. You choice therefore will have to be a homeowner loan.A homeowner loan can of course be an unsecured loan, but at present an unsecured loan, even for those who own their own property, is extrememly difficult to come by. Also the interest rates for the unsecured loan can usually be very high. The Alliance and Leicester advertises unsecured loans from 7.9% APR, but the reality is that very few applicants qualify for this rate, and most individuals, if granted a loan at all, will pay far in excess of this rate.Also, even for homeowners with a perfect credit rating, the maximum loan is normally only £15,000. A conservatory, motorhome, wedding, and many other reasons for wanting a loan will cost more than this anmount.Therefore if you are a homeowner with equiuty in your property the best way would appear to be a secured homeowner loan. As the loan is secured against the collateral of your residential property, the interest rate granted will be fairly low, at present from about 8% APR, but also, as it is secured against your home, make absolutely certain that you can comfortablky afford the repyments. Secured loan lenders will anyway not allow their loan to cause you to be overcommited as they only take 40% of your income to cover your mortgage payment, the loan they are granting you, and any unconsolidated debt.A homeowner loan is from £5,000 to a maximum of usually £100,000, or even more with previous referral to the secured loan lender. The repayment period is from five years to twenty five years. All this makes the secured homeowner loan a very flexible kind of loan, and coupled with the fact that the homeowner loan can be used for almost any purpose, it is a very useful way indeed to raise funds, whether it is for homeimprovements, a wedding, a motorhome, an expensive car, a caravan or even for that dream holiday for a special ocassion.As depending on income, equity and status you can borrow up to £100,000 a homeowner loan can also be used to purchase a second home either in the UK or abroad.Imagine owning an ex fisherman’s cottage in a scenic village in the North of Scotland where you can spend hour after hour in your little fishing boat, and completely forget what is going on in the rest of the world.Excellent properties can be bought for well under the maximum secured loan amount in various areas of France, and in particular in Normandy and Brittany.A homeowner loan can also be used as a debt consolidation loan. A debt consolidation loan means the tidying up of all your debts on credit cards, personal loans, hire purchase agreements etc., into the one much lower monthly repayment often making your outgoings under half what they are currently.The list of the purposes for which a homeowner loan can be used is endless, and if you are a homeowner considering borrowing at present the homeowner loan in the form of a secured loan, is very much worthwhile considering.
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- liz Moir
- Champion Finance
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