Compare Homeowner Loans

Compare homeowner loans

While a homeowner loan could be a secured loan, meaning your property acts as security, which enables the lender to offer you the loan at a lower interest rate than an unsecured loan, homeowners can also be looked on favourably by unsecured lenders. Owning your own home doesn't mean you absolutely have to secure any lending on your home, but having the extra security may make it more likely that a lender will offer you a lower interest rate than if you were a tenant.

Is a homeowner loan the same as a secured loan or remortgage?

When a homeowner loan is secured on your property then it is the same as a secured loan. However, a remortgage is different because it may involve fees and may not be possible if you have agreed not to change your existing mortgage for a period of time. Also, if your credit history has suffered since you took out your existing mortgage; a remortgage application could result in an increased interest rate for all of your borrowing. A fast homeowner loan (a secured loan) doesn't involve as much paperwork as a remortgage and can be a great way of raising funds quickly and spreading the payments over a longer period than you would spread the payments of an unsecured loan or tenant loan.

Is a homeowner loan safe?

A homeowner loan is safe as long as you maintain payments. You have to treat secured homeowner loan repayments the same as you do your mortgage payments, which means you have to assume that not paying them could result in the repossession of your home. While a homeowner loan can be great in helping you get lower bills, especially when used to consolidate existing debt, do take the commitment seriously and remember that it's your home you are putting on the line so think carefully about exactly how much you need the money.

Will I be eligible for a homeowner loan?

Your credit report* may be referred to by lenders when considering any loan application you make. If your credit report contains information that results in you the lender giving you a low credit score, you might find it difficult to be accepted for non-homeowner or unsecured loan. However, being a homeowner enables a lender to take equity in your home into account, even if you don't necessarily move forward with a secured loan.

Bills that remain unpaid can result in default notices that appear on your credit report. Lenders want to ensure the products that have the best interest rates, such as the best homeowner loans, are made available only to creditworthy customers. If you use LowerMyBills to help you find a cheap homeowner loan, your own money could go further and make it easier to ensure you don’t miss payments and fall into default.

Compare the best homeowner loans now

Experian® - the company behind LowerMyBills – also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.

Back to Top