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Home owner Loan Quotes :::: Unsecured personal loan UK

Home Loan UK

A Secured Loan UK offers lenders very low risk - and so offers you a lower interest rate and a lower monthly repayment - But it's not the way to buy a car!

Whether it's a conservatory, extension, new kitchen or other home improvement you're thinking of, the best way to pay for it could well be a home owner loan - particularly if you're adding to you home's value.

Because a home owner, or secured loan is for customers who own their own home, whether they own it outright or with a mortgage. The loan is generally over a longer period than unsecured personal loans, and it is secured against the property, which means that the lender takes a charge over your property, in exactly the same way as your mortgage company.

A home owner loan is often the best option when it is impractical to completely review your mortgage arrangements.

Although don't be put off looking at moving your mortgage, which is now a more straightforward process than it has ever been, and there are a host of enticing products out there worthy of consideration.

The best way to think of a home owner loan is basically consider it to be a mortgage 'top-up' loan, useful particularly if you are well down the road of repaying your mortgage balance - or are 'locked-in' through an early repayment penalty on your current mortgage account.

But make sure you can afford the repayments, because as the adverts always say - your home is at risk if you fail to keep up with repayments on a mortgage or other loan secured on it.

Once you have chosen the amount you want to borrow, the next decision is how long you want to borrow it over. Repayment periods on Home owner loans can be as short as 5 years, right up to to 25 years.

Things to watch out for are to ensure there are no up-front application fees, house valuation or legal fees - all of which should be covered these days by the lender.

Interest is usually monthly added and, as with all types of borrowing, it pays you to shop around. Remember that interest rates can go up as well as down. So it is absolutely vital to make sure that your loan is with a reputable organisation, otherwise they may raise interest rates when market rates rise, but conveniently forget to reduce them when rates are coming down!

And although the home owner loan is secured against your property, this shouldn't make the process unnecessarily time-consuming.