From our Office based in the historic town of Maldon, Essex. We have easy access the county of Essex to Chelmsford, Brentwood, Romford, Southend, Colchester and Clacton via the A12 corridor connecting London through the heart of Essex connecting with the M25 linking Benfleet and Grays across to the M11 and the A140 and A130 from Stansted through Braintree back to Colchester and the A12..
We offer tailored specialised services in Homeowner loans
When we talk about a personal loan from a bank or building society, these are unsecured, which means there’s no automatic link to you home (so non-homeowners can borrow this way too).
It is however becoming more common that for those in financial difficulty even unsecured lenders can get what’s called a charging order on your home; this effectively means they have a call on the money from the sale of your house.
Why would anyone want a Homeowner loan?
Easier to obtain- unsecured loans are sometimes cheaper for those with decent credit scored , but Homeowner loans provide lender with security to they are more willing to lend to poor credit scores.
Big borrowing is possible
The maximum unsecured loan is £35000 (normally closer to £25000) yet Homeowner loans can be much larger usually up to £250000
Borrowing over a longer period
Most unsecured loans are over a maximum term of five years, Homeowner loans can be taken up to 30 years (dependent on age), and this can result in lower monthly payments.
How much can I borrow with a Homeowner Loan?
This will depend on your credit rating, your income and out goings as well as how much equity you have in the property (Equity is the value of your property minus your mortgage balance).
What can a secured loan are used for.
Common uses for a Homeowner loan are home improvements, debt consolidation, new car, university or school fees, tax bill; business purposes basically any legal reason
Can I get a Homeowner loan if I have bad credit
Secured lenders are more flexible than unsecured lenders and most mortgage lenders, so in some cases provided you can afford the loan, there is sufficient equity and there is a reasonable explanation for the bad credit – most secured lenders would consider a loan.
For more help and advice please do not hesitate to contact me.