How much can I borrow with a homeowners loan?
The amount you can borrow with a homeowners loan depends very much on your individual circumstances. When you come to us in search of the right loan, we’ll listen to your needs and use our loan calculator to work out what you can afford to borrow, at what interest rate and over what time frame. As with any other kind of borrowing, home owner loan rates change all the time, which means the amount you can borrow may vary. Other factors that will impact how much you’ll be able to borrow include your credit rating, the value of the property you’re borrowing against, and how much of that value remains outstanding to another lender.
Can a homeowner loan affect my credit rating?
Yes, a homeowner loan can affect your credit rating. The potential impact can be positive or negative. For example, if you borrow a lump sum against the value of your property and use it to pay off outstanding debts elsewhere, then go on to responsibly repay the loan over an agreed period, the overall impact will be to improve your credit rating. Conversely, if you miss repayments or otherwise neglect the loan, you could find your credit rating falls.
So, yes, taking out a homeowners loan could affect your credit rating. However, if you come to us for a no-obligation quote on a homeowner loan, this won’t show up on your credit report.