What are homeowner loans?

A homeowner loan is a type of credit secured against the value of your property. You can use the value of your home as a guarantee that you’ll be able to repay a loan. This way, you put up your property as an asset, which can lower the interest rate you’re offered.

How do they work?

Unlike other loan products, a homeowner loan uses the value of your property to determine how much you can borrow, up to a set percentage of its value. The amount you borrow is secured against the value of your home. You’ll then pay off the loan each month over an agreed timeframe.

See how much you could borrow
Homeowner loans from Norton Finance

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Benefits and disadvantages of a homeowner loan

Before you take out a homeowner loan, it’s important to weigh up the benefits against the risks. Using your home as security can open up better terms, but it’s a big commitment that requires careful consideration. Before you take out a homeowner loan, it’s important to weigh up the benefits against the risks. Using your home as security can open up better terms, but it’s a big commitment that requires careful consideration.

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Homeowner loan benefits

Is a homeowner loan right for me?

Before you take out a homeowner loan, there are a number of things to consider to make sure it’s the right option for you.

Is a homeowner loan right for me

What can I use a homeowner loan for?

A homeowner loan from Norton Finance can be used for a wide variety of purposes, including:

home improvements

Home improvements

Using a homeowner loan to carry out renovations on your home could increase your property value.

debt consolidation

Debt consolidation

Some people choose to use homeowner loans to consolidate their debts into one repayment plan.

starting a business

Starting a business

You could use your homeowner loan to set up an enterprise and invest in your future.

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What do I need to apply for a homeowner loan?

First things first, you’ll need to decide how much you wish to borrow and for how long. You can use our homeowner loans online calculator to see what your repayments may look like. You can then begin your application online.

As well as your most recent mortgage statement, it’s best to make sure you have all the following details to hand:

Applying for a homeowner loan

Homeowner loan details

At Norton, we offer customers flexibility and a straightforward loan process, with access to around 600 products from our panel of expert lenders.

We’re a broker, not a bank, so we make a full homeowner loan comparison search across lenders’ products to see how they stack up. Once a loan is secured, we take a commission payment from the lender.

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Homeowner loan details

Get a loan in 3 simple steps

1

Click apply for a loan to start your journey

2

Fill out our online form for your personalised rates

3

Get the loan that best suits your circumstances

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Frequently asked questions

FAQ’s

Yes, you can move house while still paying off a homeowner loan. However, you’ll most likely need to pay off the outstanding loan balance. Some lenders may allow you to transfer the loan to your new property.

The maximum amount you can borrow against your home will depend on the amount of equity you hold in the house. This is determined by your home’s value and the percentage of that value the lender is willing to accept, plus any existing mortgage balance on your property. See our guide to things to consider before you apply.

Once you apply for a loan, you’ll usually receive a decision in principle within 24 hours. The loan should then be finalised within about two weeks of applying.

Repayment terms are flexible. We offer short term loans for homeowners which start from as little as one year, as well as long-term products which can last 30 years. The most important thing is that you’re comfortable with the time period.

While homeowner loan rates can be as low as 5.69%, the rate you secure will depend on your history of personal finances, the value of your home and your current circumstances.

We’re a broker, not a bank, so we make a full homeowner loan comparison search across lenders’ products to see how they stack up. Once a loan is secured, we take a commission payment from the lender and may also charge a broker fee. This is calculated at up to 12.5% of the loan itself, and capped at £4,950. If a loan is unsecured, we won’t charge a broker fee.
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