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Homeowner Loans For People with Bad Credit Rating
At Loan Broker, we help borrowers struggling with a bad credit score to avail hassle-free unsecured homeowner loans for their credit requirements. Whether you are looking for online second charge loans despite bad credit or low-cost homeowner loans for home improvement, Loan Broker is a medium for you to gain access to a pool of regulated lenders who will be providing homeowner loans in the UK.Generally, it is assumed that the bad credit score is synonymous to bad credit worth. As your credit score falls, it becomes difficult to search for additional loans with poor credit rating. Be it a kitchen remodelling project or buying a new boiler or painting the walls afresh or some other cash lapses for home improvement needs, Loan Broker can help you to find the right loan without any delay.
All you need to do is fill a form on this page and submit your correct contact details with loan requirements. A soft credit check will be performed to assess your repayment affordability. If approved, you will be able to see a list of lenders who are willing to deal with you.
You can avail loan solutions for credit issues owing to the following situations:
- Bad credit repayment history
- Accumulated debts including loans and credit card balances
- Insufficient income being a part-time or self-employed person
- Awaiting home improvement plans
- Other health, social or personal issues
Why Borrowers Opt For Second Charge Loans?
A second charge homeowner loan helps the borrowers to avail higher amount at the lesser interest rate. Some of the common reasons for raising second mortgage loans are debt consolidation, home improvements, bad credit history, and insufficient income source. It is common for people with bad credit rating to borrow extra amount despite mortgage for renovations. Many use home equity for dedicated funding for small renovation projects such as kitchen remodelling and buying sofas on finance, boiler finance and more.
With unsecured loans, you enjoy preference over non-homeowners or tenants by lenders.
What Are Unsecured Homeowner Loans?
Unsecured homeowner loans are extended without any collateral to the borrower for being a homeowner. These are not lent to the tenants. This is simply because of the fact that the credit rating of house owners is better than the tenants.
When you seek urgent loans and your application is rejected, you can consider contacting a loan broker. Being a responsible Loan Broker in the UK, we deal with registered lenders. Our team at Loan Broker study each application thoroughly and search for best homeowner loans according to your needs.
If your application for an unsecured loan is declined earlier, you can still resort to Loan Broker. We conduct a soft credit check before giving you an “in principle” answer. Soft credit checks are safe as they do not leave any footprint on your credit report and doesn’t even harm your credit report.
Loans for Homeowners
Before applying for homeowner loans for bad credit, you should clearly analyse the pros and cons of borrowing the loan. It is important to search for a low-interest loan for your bad credit situation. At Loan Broker, we ensure that you avail 100% safe and transparent deals.
Our agents would be happy to answer your queries. You can always reach out to us in case you have some queries related to loans for homeowners or any service that we are offering.
Checklist before Availing a Homeowner Loan
1. Registered loan broker
Always ensure that you contact an FCA registered loan broker for homeowner loans. As FCA regulates Loan Broker, we ensure your loan application is forwarded to regulated lenders only. We ensure 100% safety and security of your details. Contacting a lender also ensures that no marketing calls from lenders will ever bother you. We introduce the best deals available with our partner lenders.
2. Compare deals
Shop around and discover other deals and compare them to know which one will suit you. You can compare the APR % and choose the idea that is affordable for you
3. Have a repayment plan
When you avail an unsecured Homeowner loan, it is prudent to have a repayment plan. With a repayment plan, it is easier to get successful in closing the account and save your home equity. A loan broker can help you in deciding a repayment plan. Tailor-made loans
Never choose the loan for the amount more than what you require. The loan amount and rate of interest should be clearly mentioned to the broker. Whether you are looking for short-term loans, long-term loans, or unsecured loans all the requirements should be clearly defined. Likewise, other factors that would affect the loan would be your income status, age and credit history. We will help you avail the best deal according to your credit situation.
What Are The Advantages Of Homeowner Loans?
- More funding
- Better rate of interest
Being a homeowner, you become eligible for meatier loans at lesser cost. Whether you want to begin home improvement or consolidate your loans, you can use homeowner loans.
Planned home improvement projects boost the overall value of your home. With a homeowner loan, you can improve your credit score successfully.
As homeowners have a better credit rating, they become eligible for a better rate of interest for long-term loans. This saves substantial cost that can be used to repay the loan earlier.
The approval time for homeowners is faster as compared to those without the home equity.
What are the Disadvantages of Homeowner Loans?
As with any other bad credit loan, if you do not pay back on time, you stand to ruin your credit history. Always try to make the repayments on time and in full to avoid that long-lasting negative impact on your credit score. Those who apply for unsecured loans, however, do not have any ownership risk with homeowner loan.
With Loan Broker by your side, you can choose no obligation loans. We are loan brokers, committed to extending a true hand of help for borrowers seeking hassle-free, safe loans despite bad credit rating.