- Borrow from £1,000
- Use for any purpose
- Bad credit is OK
- Social housing
- Private rental
- Living with others
Loans for Non-Homeowners
Borrow from £1,000 to £25,000
A personal loan is a great form of credit for those who don’t own their home or don’t want to use their home as security for a loan. High street banks, building societies and even supermarkets offer personal (i.e. unsecured) loans but they very much favour those people who have perfect credit and/or have very traditional lifestyles.
Our panel of lenders is sufficiently diverse that we’re able to cater to people of very different backgrounds. It doesn’t matter whether you rent a room, are self-employed or indeed have some form of credit problem to deal with.
- Apply for £1,000 to £25,000
- Loans are unsecured
- You don’t have to own your home
- Self-employed welcome
- Options for good & bad credit ratings
- Fast & free enquiry service
- Same deals as going direct
What is a Non-Homeowner Loan?
The majority of people aged under 40 do not own their home. This is why the availability of non-homeowner loans is really important. Without (unsecured) personal loans being available a large section of UK residents would be locked out of a significant part of the credit market.
Personal loans are just that – they are “personal to you” and depend on your personal circumstances. They do not depend on you owning any assets (e.g. home, car, jewellery) as they are unsecured. Lenders merely want to know that you have:
- a reasonably good record of repaying your credit in the recent past (credit cards, overdrafts, other loans, etc)
- a reliable income so that you can afford to repay the loan you want.
Personal loans are unsecured and so perfect for non-homeowners (tenants of all kinds including those living with family and those living with friends). With UK homeownership falling there’s never been a better time to get a non-homeowner loan. Key trends in house occupancy.
Who can use a non-homeowner personal loan?
A non-homeowner is anyone who does not own the property in which they live, and so could include those:
- in private rented accommodation
- renting social housing
- living with family
- living with friends
These days there are more privately owned properties for rent than there are from councils or housing associations. This reflects the boom in the investment of buy-to-let properties by people since the late 1990s.
Facts about Non-Homeowners in the UK
- Non-homeownership is at its highest level since the late 1980s
- The average age of first-time buyers is now 35
- Most families raising children do not own their home
- The number of people in private rented accommodation has doubled to 4 million since the early 2000s
- More people now live in private rented property than social housing
But the good news is that lenders have acted to ensure that non-homeowner personal loans are available – credit should not depend on property ownership.
Personal Loans Guide
If you’re uncertain which type of credit might suit you or you have a money problem then one of the guides may help you. We summarise each type of loan and its pros and cons and address issues regarding debt and credit ratings.
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