Homeowner Loans

7 Brilliant Ways to Use Homeowner Loans

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Thanks to the experts at Loan Broker, you’re now able to apply for a range of homeowner loans which give you the spending power you need to make those larger purchases or to sort out your current credit arrangements to suit you better. We have a range of secured and unsecured homeowner loans you can apply for with us which we’ll tell you about later in the article.

Here are seven ways we thought of here at Loan Broker to use your homeowner loans:

  • green up your home and earn money at the same time
  • live by the seaside or near a river and always wanted a boat?
  • a beloved pet needs medical treatment which is not covered by insurance
  • money to make the most important day of your life eve more special – your wedding day
  • treat yourself and your family to a once-in-a-lifetime holiday
  • “don’t improve, move” – spruce up your home
  • pay off your debt sooner and for less with a debt consolidation homeowner loan

Green up your home

None of us could have failed to have noticed that we’re in a climate emergency and that a large proportion of damaging greenhouse gasses are a direct result of the electricity and heating in our homes.

It’s something so many of us feel that we want to do something about but we’re not quite sure what. Over the past few years, solar PV panels on our rooves have become a common site around Britain with over one million of us having had them installed onto our homes.

It’s not just solar PV panels though –the prices of ground heat pumps and air heat pumps have come down a lot in the last few years. Ground and air heat pumps take the natural ambient and stored heat from both the soil under our feet and from the atmosphere giving us the energy we need to power both our radiators and our hot water taps.

The world is going green and, by making these improvements, you not only benefit from much lower energy bills, you also benefit from the government and the energy companies wanting to buy your excess electricity from you. It’s truly an investment in your home that pays you back over time and which helps you do your bit for the planet.

 Get nautical

If you’ve paid off your mortgage or if you have a lot of equity in your home, you could really live the dream and buy a boat – particularly if you live near the coast.

We may not live in Monaco or St Tropez but the coastline around the British Isles is truly beautiful and you could spend your time drinking in the view and relaxing from a boat of your very own.

Pet care

Pets are just as much part of the family as the rest of us – in most cases, we take pets in as babies, we love them during their mad youth, and we feel comforted by them when they turn into adults.

The number of owners (or human companions) taking out pet insurance has rocketed in the last twenty years but, no matter how good the insurance you take out, not every condition or treatment is covered. If we truly believe that treatment and surgery can make our animal friend better but we don’t have the cash to pay for the operation, a homeowner loan can be used to pay for the treatment required and to protect the family member, the pet, that we love.

Weddings – your big day

Depending on the site or the newspaper that you read, the cost of the modern British wedding in 2019 can cost more than the deposit on a house. And that’s saying something because we live in one of the countries with the most expensive property markets in the world.

Even if you want to be relatively frugal on your wedding day and if you want to spend far less on your wedding than the average wedding, then the final bill is still going to be hefty. With a homeowner loan secured on your property, you could spread out the cost of your wedding over five or more years to make monthly repayments both affordable and manageable.

Once-in-a-lifetime holiday

Is there somewhere in the world you want to go more than anywhere else? Somewhere that you’ve been dreaming about since you were a little boy or a girl? The cost of travel and hotels has come down a lot in recent years but once-in-a-lifetime holidays still cost a small fortune to arrange.

We all love our annual holidays but a once-in-a-lifetime trip is something that you do more for the special memories and times it brings and which you remember for the rest of your days. If now is the time to take yourself and the family away on this one-off experience, work out how much this adventure would cost you and then apply for a loan to find out whether you can borrow that much money and whether you’ll be able to meet the monthly repayments for the next few years.

Do your home up

“Don’t move, improve!” With houses costing so much these days and the cost of moving seeming to go up all the time, why not make the very best of your place instead of finding somewhere else to live? Your roots are where you are – your family and friends are close by and your kids are settled in the schools that they go to now. Moving could be a whole lot of upheaval for nothing.

Look at both your indoor and outdoor space. What could be done to them? Could you make your living room, dining room, and kitchen open place to create a real feeling of space? Could you convert your garage into an extra bedroom, into an office, or even into a state-of-the-art man cave?

With a homeowner loan, you can make the most of where you live now and, when the time comes to sell, many of the improvement you’ve made will be reflected in a bigger asking price for your property.

Consolidate your existing debt

Homeowner debt consolidation loans are something else to think about – they may not be as exciting or as glamorous as some of our other suggestions but they will have a long-lasting and beneficial impact on your finances, as you long as you do it right!

Debt consolidation loans are used to reduce both the amount of money you pay in servicing debts each month and to pay off those debts faster. Think about all the loans, credit cards, and other types of finance you have available now – the average Brit has 6 or 7 credit accounts open at any one time. Each of those credit accounts attracts their own interest rate, they have their own terms and conditions, and each one will take a certain length of time to pay off. There will be lots of direct debits coming out of your bank account every month which could mean that, from time to time, you find yourself a bit short of cash.

With a debt consolidation homeowner loan, you take out a loan to the value of all the outstanding credit agreements you have. As soon as the loan lands in your bank account, you then use that money to pay everyone else off. So no more multiple payments every month – there’s just one direct debit a month being used on your account to pay off your creditors.

As long as the interest rate on your debt consolidation homeowner loan is less than the interest rates on your other forms of credit, you’ll save money every month. And if a lot of the debt you’ll be paying off is credit card debt and you’re currently only making the minimum repayment, then you’ll pay back your debt years quicker too.

Before you take out a homeowner debt consolidation loan, always do your sums and make sure that you’re better off.

Homeowner loans through Loan Broker

Here at Loan Broker, we have a range of unsecured and secured homeowner loans for our borrowers. We’re a broker – not a lender. What we do is that we take all the details you give us when you apply to us together with the details on your credit report and we then present your application to the lenders who we know are most likely to want to work with you.

We have a range of solutions whatever your credit background. To find out more, please click here.

 

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