Secured Homeowner Loans for UK Homeowners

Arrow Loans is one of the leading providers of homeowner loans in the UK

Arrow Loans is a direct lender, which means NO commission to pay to brokers. We offer our customers tailored loans to suit their circumstances at the best possible rates. Authorised and regulated by the Financial Conduct Authority

What is a Secured Loan?

A secured loan is a “second charge mortgage” that uses your home as security against the loan that you take out. People use secured loans for many reasons, such as needing to raise a large amount of capital very quickly, having trouble qualifying for an unsecured loan, or simply just having a bad credit score. Lenders have the ability to exercise greater flexibility when deciding whether to award loans to applicants, because they have the peace of mind knowing that you are more likely to pay the loan back with your house on the line.

When applying for loan, it is always important to remember that your home is not safe from foreclosure if you cannot keep up with the loan payments. Make sure to read the fine print and understand your agreement before entering into any contract that you don’t understand.

Would I qualify for a loan?

In order to quality for a Secured Homeowner Loan, you need to have equity built up in your home. As a UK Homeowner in England & Wales, you can use the equity in your home as collateral for the loan. The amount you can borrow will depend on the amount outstanding on your mortgage and what your property is worth. Part of your application process will include explaining to us what you intend to do with the money. This step is crucial because you will be assigned a level of risk based on this information, so that Arrow Loans can decide what amount of interest should be assigned to you for the loan.

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How can I spend the money?

There are many ways you can use the proceeds from your loan. Just make sure that you let us know how you plan to spend the money e.g debt consolidation loan, home improvements loan, vehicle financing etc.

Many people use the money for home renovations, such as new bathroom suites or kitchens, new furniture or redecorating a home, or exterior home improvements, such as adding an in-ground pool. Banks see these as low-risk loans, because the homeowners are improving their property value with the proceeds.

Other uses for the money can include holidays, caring for a sick relative, paying off or even consolidating your debts. The risk associated with your loan application varies based on how you plan to use the money.