Homeowner loans otherwise known as secured loans are of course only available to homeowners.
Tenants are not eligible as these homeowner loans must be secured by the equity on a property. Equity is the difference between the mortgage balance and the value of the property. To give an example if a property is worth 230,000 and the mortgage balance is 120,000 the available equity would be 110,000.
Loan to value plans before the recession were available up to 100%, and secured loans of up to 100,000 were readily available subject to other criteria relating to a homeowner loan applicant's status, income, etc.
There were a few secured homeowner loan lenders willing to advance secured loans of up to 125% LTV, and it was only homeowners with excellent credit ratings who were considerd for these homeonwer loans. The maximum loan that was granted with most homeowner loan lenders was between 50,000 to 60,000 on this plan.
There are no longer such slack loan to values, and the maximum is 80% for employed prospective secured homeowner loan applicants, and reduced to 70% for self employed people.
The maximum secured loan values nowadays is between 50,000 to 100,000 depending on secured loan lenders.Before the recession loans of up to 250,000 were available if the secured loan applicant had tons of equity.
Secured homeowner loans can be used for almost any purpose whether it is to buy a car, a motorhome, caravan, etc. If a secured loan is used to buy such a thing as a car it means that it can be bought privately at an auction or from a private person saving money compared to buying the same car from a garage, and it also does away with needing a deposit. Currently car loans are normally only available up to about 70% of the purchase price and this can be thousands of pounds needed as a deposit. Using a homeowner loan does away with the requirement of having a deposit.
If you have a number of debts on credit cards, loans, etc. using a homeowner loan as a debt consolidation loan is a great idea. The debt consolidation loan combines all other debts into one, and you are left in a much better, and easier financial position. A fortune can be saved every month.
Secured homeowner loans can be used to buy a second home either at home or abroad, and as with using a homeowner loan to buy a car it does away with needing a deposit.
These are only a few facts about homeowner loans to hopefully wet your appetite for this excellent low interest secured loan product. - 30462
Tenants are not eligible as these homeowner loans must be secured by the equity on a property. Equity is the difference between the mortgage balance and the value of the property. To give an example if a property is worth 230,000 and the mortgage balance is 120,000 the available equity would be 110,000.
Loan to value plans before the recession were available up to 100%, and secured loans of up to 100,000 were readily available subject to other criteria relating to a homeowner loan applicant's status, income, etc.
There were a few secured homeowner loan lenders willing to advance secured loans of up to 125% LTV, and it was only homeowners with excellent credit ratings who were considerd for these homeonwer loans. The maximum loan that was granted with most homeowner loan lenders was between 50,000 to 60,000 on this plan.
There are no longer such slack loan to values, and the maximum is 80% for employed prospective secured homeowner loan applicants, and reduced to 70% for self employed people.
The maximum secured loan values nowadays is between 50,000 to 100,000 depending on secured loan lenders.Before the recession loans of up to 250,000 were available if the secured loan applicant had tons of equity.
Secured homeowner loans can be used for almost any purpose whether it is to buy a car, a motorhome, caravan, etc. If a secured loan is used to buy such a thing as a car it means that it can be bought privately at an auction or from a private person saving money compared to buying the same car from a garage, and it also does away with needing a deposit. Currently car loans are normally only available up to about 70% of the purchase price and this can be thousands of pounds needed as a deposit. Using a homeowner loan does away with the requirement of having a deposit.
If you have a number of debts on credit cards, loans, etc. using a homeowner loan as a debt consolidation loan is a great idea. The debt consolidation loan combines all other debts into one, and you are left in a much better, and easier financial position. A fortune can be saved every month.
Secured homeowner loans can be used to buy a second home either at home or abroad, and as with using a homeowner loan to buy a car it does away with needing a deposit.
These are only a few facts about homeowner loans to hopefully wet your appetite for this excellent low interest secured loan product. - 30462
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