Homeowner Loan

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What is a Homeowner Loan?

How is it Different to a Personal Loan?

Why Do I Want a Homeowner Loan?

How Can Friends Capital Help with a Homeowner Loan?

Homeowner Loan

Homeowner loans are simple, secured loans that allow you to borrow larger sums of money than unsecured or personal loans. You may want to build an extension, consolidate personal debts or pay for lifetime experiences such a dream holiday or a family wedding. 

Friends Capital have existing relationships with lenders of Homeowner  loans. We can help you find the best deal possible. We will review your personal circumstances and then search the entire market to ensure you get the best rates possible. We will then deal with all the paperwork, submit your mortgage application, liaise with your mortgage lender and solicitor, and ensure that your mortgage application is completed as quickly as possible. We can:  

  • Save you money on your loan
  • Offer a free consultation 
  • Offer unbiased financial advice 
  • Save you time in your mortgage application 
  • Give you a dedicated account manager who is available to you through the process 

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What is a Homeowner Loan?

With a homeowner loan, you’re able to borrow larger amount as long as you have sufficient equity in your home. The amount you borrow is ‘secured’ against the value of your property. 

How is it Different to a Personal Loan?

Homeowner and personal loans are similar. The key difference is, with a homeowner loan, you are securing the loan against your property. You simply cannot get a homeowner loan without owning a property. This means that if you do not make your payments, your home can be repossessed. Also, the amount you can borrow is much higher with a homeowner loan. Homeowner loans typically range from £25,000 – £500,000 with the average amount borrowed on a secured loan around £45,000, and can be paid back for up to 25 years.  

Personal loans are not secured against anything, making the lend riskier for the lender, therefore the interest rates are generally higher. The repayment period is also much shorter and the amount you can borrow is much smaller.  

Why Do I Want a Homeowner Loan?

  • You have poor credit – As the loan is secured, there is less risk for the lender, therefore you are more likely to be accepted. And your interest rates will be better than an unsecured loan.
  • Longer repayment period – You can opt for a longer repayment term compared to unsecured loans.
  • Lower interest – Secured loans in general have better interest than unsecured loans. 
  • Borrow cash for property development – You can use the loan to develop your home, build an extension or buy a new kitchen or bathroom
  • Make a large purchase – You can use the loan for large purchases such as weddings, holidays or cars
  • Debt consolidation – Consolidate your debts and credit cards into one monthly payment

Lenders are often able to offer much larger loans to homeowners due to the safety in securing your loan against your property. Typically loans amounts range from over £25,000 up to £500,000 in some instances. depending on the equity available within your property. 

You can use your loan for almost anything. You can spend the full amount on a major expense or put it towards a handful of different purposes. We’re not here to tell you how to spend your money – we just want to make it easier for you to get the finance you need. For larger loans such as home improvement or extensions a lender may require proof of planning permission or builders plans but talk to your broker in the first instance. 

How Can Friends Capital Help with a Homeowner Loan?

Friends Capital have existing relationships with lenders that specialise in  homeowner loans. We can search the entire market and get access to the best and most exclusive deals available. Then we will choose the deal that are most appropriate to your personal circumstance. We can: 

  • Find you a lender that specialises in home owner loans
  • Find you a deal appropriate to your personal circumstance
  • Offer unbiased financial advice
  • Give advice on what mortgage lenders will require, including giving you advice on an exit strategy for the mortgage end
  • Give you a no obligation mortgage quote
  • Deal with all the paper work, liaise with the lenders and solicitors. We will also make sure the application goes through as quickly as possible

Two Steps to Contacting Friends Capital 

Step 1 

Either call us, email us or request a call back using our call back submission form. 

Step 2 

One of our friendly advisors will either call you back within 24 hours (usually the same working day), or will take details from you in order to best deal with your situation. 

When you speak with us, we will take a ‘fact find’. At this stage we take basic details about your situation. We will then search the whole of the market and find you the best deal available. 

If you are happy with the deal that we offer, we will then contact the lender for you and get you what is called a ‘decision in principal’. 

If you’re happy with the decision in principal then we will secure this deal for you and deal with the application for you on your behalf. 

We aim to get the lowest mortgage rates on the market

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