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A homeowner loan is usually provided on the basis of the part of your house you own outright, the surplus equity. That is to say, any outstanding mortgage on the property is subtracted from its market value to determine the amount against which you can borrow.

What is a homeowner loan?
If you own your home, there is an additional loan option available to you. In addition to personal loans, there are also loans that are secured against your home. Because your home is used as security for repayment, these secured loans are also commonly referred to as homeowner loans.

What are the advantages of a homeowner loan?
By using your home as security against the loan you may be able to borrow more money than you could with a personal loan. Personal loans usually cater for loans of up to £25,000 while homeowner or secured loans are required for larger amounts.

Having the security of the value of your home also means that lenders can rely on something other than just personal credit history to determine whether you will repay your loan. This means that people who are self employed or have experienced a bad credit history in the past will often still be considered for homeowner loans.

Is my home at risk?
Yes. If you default on your re-payment you could lose your home. So, think very seriously before taking out a homeowner loan.

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