Unlock the Value in Your Home
Are you a homeowner in England or Wales with a mortgage?
If so, you could benefit from a secured homeowner loan, using the equity in your property for almost any purpose.
Why Consider Secured Homeowner Loans?
There are many reasons homeowners choose a secured homeowner loan over other forms of credit:
- Keep your current mortgage deal:
No need to remortgage if you already have a favourable rate. - Fund home improvements:
Enhance your home’s value with a loft conversion, kitchen extension, or other improvements. - Accommodate a growing family:
Create more space for your family, such as an extra bedroom or office. - Consolidate high-interest debt:
Reduce monthly payments by consolidating debts into a lower-rate loan.
Benefits of Secured Homeowner Loans
A secured homeowner loan allows you to borrow larger amounts over a longer period compared to unsecured loans. With your home as collateral, lenders are more likely to offer favourable terms, even if your credit history is less than perfect.
Providing you have sufficient income to cover the repayments, a secured homeowner loan can offer lower interest rates compared to unsecured loans, helping you save money in the long run.
How Secured Homeowner Loans Work
A secured homeowner loan is essentially a second charge mortgage on your property. This means your loan is secured against the equity in your home, giving you access to more significant borrowing amounts. If repayments are missed, your home may be at risk, but this security often means more flexibility from lenders.
How Do Secured Loans Differ from Unsecured Loans?
Secured homeowner loans use your home as collateral, allowing you to borrow larger sums over longer periods. Lenders can be more flexible, even if you’ve been declined for an unsecured loan.
Unsecured loans do not require collateral, but they typically offer lower borrowing limits and shorter repayment terms. Additionally, interest rates on unsecured loans are often higher.
Applying for a Secured Homeowner Loan
To qualify for a secured homeowner loan with Arrow Loans, you must:
- Be aged between 21-68
- Own a property in England or Wales
- Be able to comfortably afford the repayments
Simply fill in our quick loan approval form to get started. As a direct lender, Arrow Loans ensures a fast and efficient process, unlike brokers or intermediaries.
How Much Can You Borrow with a Secured Homeowner Loan?
With Arrow Loans, you can borrow between £10,000 and £250,000 depending on your home’s equity and personal financial situation. Our repayment terms are flexible, offering you up to 30 years to repay the loan, making it easy to find an affordable monthly payment plan.
Benefits of Lower Interest Rates
One of the key advantages of a secured homeowner loan is the lower interest rate compared to unsecured loans. Because the loan is secured against your home, lenders have greater security, which means lower interest rates for you. This is particularly useful for borrowing larger amounts or spreading the cost over many years.
Frequently Asked Questions about Secured Homeowner Loans
Are there any upfront fees?
At Arrow Loans, we pride ourselves on transparency. There are no upfront fees before your loan is issued. Once your loan is approved, an arrangement fee is usually added to cover legal and valuation costs. The total repayment amount will always be clearly stated in your loan quote.
Can I settle the loan early?
Yes, you can! Our secured homeowner loans are fully regulated, meaning you can settle early, make overpayments, or pay off the loan in lump sums. This can reduce the interest you pay, helping you save money over the loan’s term.
Further Information
Here are some related pages which delve further into specific reasons for considering a loan.