What is a home loan?
A home loan can have different meanings depending on what you’re looking for, but they generally mean one of the following:
Firstly, it could mean that you want to borrow money to purchase a home, or change the existing loan you already have on your home. Secondly, home loans can mean using the value of your home to pay for something else - like buying a new car or paying off debts. This type of loan is known as a homeowner loan.
Lastly, you can take home loans to mean equity release - a scheme that allows you to raise funds in exchange for a percentage of the equity in your home. You can continue living in your home, but it may be partly or completely taken on by the lender when you pass away.
Read on to find out more about the different types of home loan.