Homeowner Loan Calculator

Homeowner Loan Calculator

What is a Homeowner Loan?

A homeowner loan, also known as a home equity loan or a second mortgage, is a type of loan that allows homeowners to borrow money against the equity they have built up in their property. The loan amount is determined by the value of the property and the amount of equity the homeowner has. Homeowner loans typically have lower interest rates compared to other types of loans because they are secured by the property.

These loans can be used for various purposes such as debt consolidation, home improvements, or other personal expenses. It is important to note that failure to repay a homeowner loan can result in the loss of the property.

A homeowner loan can come with many advantages compared to other types of borrowing, such as a personal loan. It is possible to borrow a larger amount, on a lower interest rate and over a longer period of time. 

Generally speaking, it is possible to borrow £10,000 – £500,000 but this is largely based on factors such as equity, affordability and credit profile.