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If you have one form of bad credit or another (e.g. defaults, missed payments, CCJs) then you've probably been rejected for unsecured loans or offered loans at what seem like very high rates of interest.
We would always recommend caution when considering borrowing more if you have a credit problem. But if you genuinely need finance and own your home with a mortgage then a homeowner loan could be worth considering.
We work with a very broad range of homeowner loan lenders and together they offer 600+ loan products many of which will accommodate you if you have a bad credit history.
But before you go any further you should consider:
The reason is that if you use your home as security and then fail to make repayments then the lender can take possession of your home and sell it to recover the debt. Review your options before proceeding.
If you own your home and have a mortgage then you may find that a homeowner loan is the way to obtain affordable credit if you have a bad credit history. As part of the arrangement the lender uses your home as security for the loan - which is why you need to own your home. This lowers the risk to the lender who should therefore offer you a lower APR% than they would for an unsecured loan.
It's worth getting a quote to see how the repayment compare to an equivalent bad credit unsecured loan. Make sure that:
The rate of interest you will pay will typically depend on:
Obviously you need to consider not only the APR% but also the repayment period as these two things determine the total cost of borrowing. You can ask the lender a number of quotes based on different loan amounts and repayment terms to see the effect and judge how it fits within your monthly budget.
1 This is the value of the property less the amount owed on it (mortgages, and other secured loans).
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. 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
* Actual rate will depend on personal circumstances and credit assessments. To find out what rate you can get apply below. The current Representative APRC is 9.1%, including lender and broker fees.
When it comes to getting you your homeowner loan our online service is second to none. In fact Solution-Loans.co.uk has scored based on 81 ratings & 15 user reviews for its homeowner loans service.
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