Hassle Free Homeowner Loans For People with Bad Credit Rating
At Loan Broker we help borrowers struggling with "bad" credit score avail hassle free secured and 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 reliable source for practical assistance on choosing the best loans for homeowners 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. However we at Loan Broker help homeowners locate quick and hassle free loans to fund their upcoming expenses ranging from £500 to £35,000.
Be it a kitchen remodeling project or buying a new boiler or painting the walls afresh or some other cash lapses for home improvement, Loan Broker assures you timely financial help without a single day delay.
All you need to do is fill a form on this page and submit your correct contact details with loan requirements. Our agent would contact you to share instant financing advice on homeowner loans.
We provide 24X7 assistance on availing cheaper loan solutions for credit issues owing to following situations:
- Bad credit repayment history
- Accumulated debts including loans and credit card balances
- Insufficient income being part time or self employed
- Awaiting home improvement plans
- Other health, social or personal issues
Being a licensed and registered loan broker, we abide by all FCA guidelines and ensure 100% safety and security for our clients. As a homeowner you can apply for secured loan or unsecured loan for each of your credit requirement.
What Is A Secured Homeowners Loan?
When you use your home equity to avail a loan (despite a current mortgage) you basically apply for a secured homeowner loan. This is a second charge loan on the property that already holds a mortgage. The remaining equity on the property is used to draw a home owner loan and offers collateral or security to the lender.
When you contact Loan Broker, we provide you a list of available instant homeowner loans in UK. Being an owner of a property your low credit score would not hinder your path for credit freedom.
How Does A Home Owner Loan Work?
Let’s take an example to understand how a home owner loan works. You can also use it as a DIY homeowner loans calculator.
You own a home worth £240,000 and your current mortgage balance is £80,000. This means you have £160,000 in home equity. Now suppose you want to raise secured homeowner loan for £120,000 which is 50% loan-to-value (LTV). However the LTV for available equity would be 75% (120000/(240000-80000) *100).
**The LTV ratio is the ratio of loan amount to the value of property in concern. To calculate LTV we first deduct the outstanding balance from first mortgage.
Why Borrowers Opt For Second Charge Loans?
A second charge home owner loan helps the borrower avail higher amount at 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 borrow extra amount despite mortgage for renovations. Many use home equity for dedicated funding for small renovation projects such as kitchen remodeling and buying sofas on finance, boiler finance and more.
If you choose secured homeowner loans, the home equity would serve as collateral and you would get the desired loan at better interest rate. However with unsecured loans, you would enjoy preference over non home owners or tenants by lenders.
What Are Unsecured Homeowner Loans?
Unsecured home owners’ loans are loans which are extended without any collateral especially 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 tenants.
When you seek urgent loans and your application is rejected, you can consider contacting a loan broker. Being a responsible loan broker in UK, we deal with registered lenders who do not reject the loan applications due to your past credit history. The financial experts at Loan Broker study each application closely and search for best homeowner loans according to your needs.
If your application for unsecured loan is declined earlier, you can still resort to Loan broker. We would ensure that lenders do not make red flags by initiating hard credit checks. We promote only soft credit checks and provide swifter loans for property owners. We do not ask for guarantors or collateral when you seek personal unsecured homeowner loans.
Safe and Low Interest Loans for Home Owners
Before applying for homeowner loans for bad credit, you should clearly discuss the pros and the cons of borrowing homeowner loan. As important it is to search for a low interest loan for your bad credit situation as is to avail a safe loan. We at Loan Broker ensure that you avail 100% safe and transparent deals.
Our agents would be happy to answer your queries. After you fill the form, you should feel free to share your doubts, if any, with our loan broker when s/he calls you.
Checklist before Availing a Homeowner Loan
- Registered loan broker
- Compare deals
- Have a repayment plan
- Tailor-made loans
Always ensure that you contact an FCA registered loan broker for home owner loans. As Loan Broker is regulated by FCA, we ensure your loan application is forwarded among the reputed lenders only. We ensure 100% safety and security of your details. Contacting a lender also ensures that no marketing calls from lenders bother you ever. We introduce the best deals available in the market.
The broker would share the cheapest available homeowner loans in the UK. You can compare the APR% and choose the most affordable deal.
When you avail a secured home owner loan it is prudent to have a repayment plan. With a repayment plan, it is eaier to get successful in closing the account and save your home equity. A broker can help you in deciding a repayment plan. They are your guide to tailor made loans according to your loan repayment capacity.
Always choose the bespoke 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 or long term loans, secured 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
- Fast approval
Being a home owner you become eligible for meatier loans at lesser cost. Whether you want to begin home improvement or consolidate your loans you can use home owner loans in your favour.
Planned home improvement projects boost the overall value of your home. With a home owner loan you can thus improve your credit worth successfully.
As home owners have better credit rating, you become eligible for 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 home owners is faster as compared to those without the home equity. You may or may not apply for secured home owner loan though.
What Are Disadvantages?
As with any other bad credit loan, if you do not pay back on time, you ruin your credit history further. With secured home owner loan you risk the stakes of your home on nonpayment. However we at Loan Broker provide credit counseling and guidance to borrowers seeking secured home owner loans. 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 as we are not loan sellers. We are loan brokers, committed to extend a true hand of help for borrowers seeking hassle free safe loans despite bad credit rating.