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Bad credit homeowner loans

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Homeowner Loans

  • £5,000 - £250,000+
  • Choice: 600+ plans
  • 95+% LTV available
  • Poor Credit OK
  • Trusted 5★ partner
  • Discover your Options

Loans for Bad Credit

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.

Bad Credit Loan Options:

  • Your home provides security to lenders
  • Greater inclination to lend to those with bad credit
  • More lenders means a greater choice of loans
  • Larger loans available than with unsecured products

Wide Range of Credit Ratings Covered

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:

  • if an unsecured loan product would suit you better - you're not putting any assets at risk
  • if you should be borrowing at all if you've had credit issues recently or foresee income/employment problems

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.

Bad Credit Homeowner Loans

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:

  • you only borrow the amount you need and no more
  • you don't over extend the repayment period as you'll end up paying more interest than you need to

What APR% will you pay?

The rate of interest you will pay will typically depend on:

  • the amount you want to borrow
  • the loan repayment period
  • your credit rating
  • the amount of free equity1 in your home - the larger this is relative to the amount you want to borrow the lower the interest rate should be.

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

Homeowner Loans

Rates from 3.83% APR*

* 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.

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When it comes to getting you your homeowner loan our online service is second to none. In fact Solution-Loans.co.uk has scored 4.6 out of 5 based on 67 ratings & 11 user reviews for its homeowner loans service.

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