Specialists in Homeowner Loans
Your home is your biggest asset, so why not look to unlock some of the money in it.
Whether you want to carry out some home improvements, consolidate some debts, or even purchase a new car. We can help you to get the money that you need.
A homeowner loan is a secured loan in which the amount borrowed is guaranteed by the borrower's house. Your home serves as collateral, lowering the lender's risk but increasing the danger for you, the borrower, who might lose your home if you don't repay the loan.
You must either own your house entirely or have some equity in a home and be paying a mortgage on the remaining value to be eligible for a homeowner loan. The size of the homeowner loan you may get is determined by the overall worth of the property and the amount of equity you have.
If you need money for a short period of time, a bridging loan (sometimes known as a 'bridge loan') can help. If you wish to buy a new house before selling your old one, it might help you bridge the difference. Bridging loans can also be utilised if you're buying a house at auction and need money right away but haven't sold your present home.
There are 2 types of bridging loans:
A closed loan, there is a fixed repayment date – you will normally be given this kind of loan if you have exchanged contracts but are waiting for your property sale to complete.
An open loan, although there is no set payback deadline, you should plan to pay it off within a year. The lender will want to see proof of a clear repayment scheme, such as utilising equity from a home sale or taking out a mortgage, regardless of the type of loan you take out. They'll also want to see documentation of the new property you're buying and the price you're planning to pay, as well as proof of what you're doing to sell your existing home, if applicable. In the event that your repayment method fails, you should have a backup plan in place.