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A Homeowner Loan, often referred to as secured loans or 2nd charge mortgages, allows you to borrow large sums of money – typically more than £10,000 – using your home as collateral. Therefore, if you don’t keep up with the regular payments, the lender can take possession of your home and sell it to recoup their losses.
The amount you are eligible to borrow, the duration of the loan, and the interest rate you are offered will depend on your circumstances, as well as the amount of ‘free’ equity you have in your home. ‘Free’ equity is the difference between the value of your home and the amount left to pay on your mortgage if you have one. The interest can be variable or fixed depending on the type of loan you choose.
Representative Example: If you borrow £15,000 over 10 years. Initially, on a fixed rate for 5 years at 5.10% and for the remaining 5 years on the lender’s standard variable rate of 5.05%, you would make 60 monthly payments of £184.29 and 60 monthly payments of £185.99. The total amount of credit is £17495; the total repayable would be £22,216.80 (this includes a Lender fee of £995 and a broker fee of £1,500). The overall cost for comparison is 8.8% APRC representative.
Rates between 3.4% to 29.% APRC. Repayment terms between 3 and 30 years.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Think carefully before securing other debts against your home
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.