A home owner loan is a sum of money borrowed in addition to your mortgage. Just like a mortgage a homeowner loan is also secured on the property so you must keep up the repayments to avoid losing your home. Homeowner loans are also known as secured loans.
There are homeowner loans for many different purposes, including: debt consolidation, home improvements, cars, and weddings.
Any amount from £5,000 to £250,000 can be borrowed but you must be over 18, a UK resident and a homeowner.
Secured loans tend to have a lower rate of interest than unsecured loans however your home may be at risk if you do not keep up repayments on a loan secured on it. As a result, it is always worth considering a payment protection plan which will cover your loan repayments should you find yourself unable to pay for whatever reason.
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