Unsecured loans for Homeowners
Our UK Homeowner deal is via a partner who is a direct lender for brokers. They have a fantastic deal for Home Owners which is an unsecured loan. BUT you MUST be a homeowner to qualify and you will be asked to prove it.
Here’s the deal:
Borrow between £3,000-£20,000 over 36-120 months or to put it another way you can borrow the money from between 3 and 10 years (subject to loan value).
Representative Example: £12,500 over 66 months, 34.9% APR fixed. Monthly payment £391.14. Annual interest rate 30.31% fixed. Interest payable £13,315.24. Total repayable £25,815.24
Remember that one of the biggest advantages of this loan is that it’s unsecured. That means if for whatever reason you can’t repay the loan, you will not have your home repossessed as a result.
Bad Credit – No Problem
Got Bad Credit? Not a problem. If you have exited your IVA or Debt Management Plan over 12 months ago, you can apply for a loan. You can have defaults, CCJs and arrears too. Please make sure these have been satisfied or you won’t be considered. Been made bankrupt? You need to have been clear of your bankruptcy for 36 months (3 years) and you are eligible to apply.
That’s it – 1 great deal from 1 great company. One who will find you the best rate for your situation and will lend you the money against your home but won’t snatch it back if the worst happens.
To access any of our partner’s great unsecured homeowner deals please simply click on any of the highlighted links like this
Lending Criteria
A bit more of our partner’s lending criteria for you so you’re not wasting your time making unnecessary applications.
As a borrower you must be a homeowner and either have a mortgage, be unencumbered (no mortgage), retired, in shared ownership or buy to let. All are ok. The minimum age for borrowers is 21 and you must be under 71 at the END of the loan.
Income requirements are as follows: Age 29 or under – £21,600 net per annum (income AFTER tax). Age 30 or over – £15,600 net per annum.
There are a few employment types they will and won’t accept. Unfortunately at this moment in time they do NOT accept the self-employed. However, they do accept sub-contractors, retired people, the employed and some people on benefits Norwich Trust deem acceptable. Give them a ring to find out if your benefit is one of them.
You must have been a UK resident for at least the last 2 years. You can use the money for things like buying a car or motorbike, weddings, home improvements and debt consolidation.
To finish off, there are no up front fees and no processing fees.
If you want to pay your loan off early, you can do so by paying the lump remaining plus 2 months interest. You can make partial repayments of up to 3 months contractual payments with no penalty.
Finally, the prospective borrower must agree to Open Banking. No ifs, no buts.
That’s it folks! For an unsecured homeowner loan it’s a great deal. You can benefit from a relatively cheap rate without the risk of losing your home if the worst happens.
To apply either click on this link to go to their application form or use either of the links above.
