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Homeowner loans

A secured homeowner loan may allow you to borrow more than an unsecured loan – often at a lower interest rate.

Homeowner loans are designed to help anyone who has a mortgage or owns their property outright get access to the funding they need. They’re also known by other names, including secured loans, home equity loans or second mortgages. There’s a lot of choice on the market, so let us take the hassle out of finding a suitable loan for you.
  • We search wider than the high street to find the most suitable loan product for you

  • Find loan products that let you borrow against the value of your home, up to a set percentage

  • Homeowner loans may offer lower interest rates than unsecured loans

  • Get offers based on your unique circumstances for a better range of choice

  • Searching for a homeowner loan through Norton Finance won’t affect your credit score

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Homeowner rates, from 2.99%

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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 you’ll be able to repay a loan by putting 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.

Benefits of choosing a homeowner loan

Applying for a homeowner loan can give you access to finance with more favourable terms. Because they use the value of your home as a guarantee, lenders will often give you access to lower interest rates and higher loan values than with unsecured loans.

It means you may be offered lower interest rates and more choice over the duration of your loan, giving you a more manageable monthly repayment.

Disadvantages of a homeowner loan

Although putting your home up as security for a loan tends to increase your chances of landing better terms, this can be a huge decision that requires a big commitment and careful consideration.

If you fail to meet the repayments, your home may be used to recover the outstanding debt by lenders, so it’s vital you ensure you can afford the repayments before you apply for a homeowner loan.

Is a homeowner loan right for me?

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

Are the terms right for me?

Before you apply, you should be confident that you can manage monthly repayments. It’s especially important with loans for homeowners, considering you’re putting up your property as a form of security.

Can I afford the repayments?

Think about your typical monthly income and outgoings. If your circumstances were to change, could you still afford the repayments? A secured homeowner loan may have a long repayment period, so you want to be sure you can afford your payments before you commit.

Am I eligible for a homeowner loan?

If you own all or part of your own home, you could be eligible for a homeowner loan. Even if you’re applying with poor credit or CCJs, or are self-employed or retired, we can help find the right loan for you. Read our guide to loan eligibility to find out more.

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 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:

Representative example

SECURED LOANS - Rates start at 2.99% variable. Our range of products offers rates up to 65.2%, meaning we have the ability to help you find a loan that meets your personal needs and circumstances.

Representative example: Borrow £10,000 over 10 years at an Annual Interest Rate of 5.14% (variable) and you would make 120 payments of £122.71 per month.

The total amount repayable will be £14,725.20. This total includes a lender fee of £495 and a broker fee of £1,000, which have been added to the loan. Overall cost for comparison is 8.6% APRC representative. Maximum APR is 65.2%.

Commonly asked questions about homeowner loans

If you’re thinking about applying for a loan, you’ll probably have a few questions. We’ve answered some of the most common below.

Can I move house with a homeowner loan?

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.

How much can I borrow against my home?

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.

Why choose Norton Finance?

Loan details

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

Home improvements

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

Debt consolidation

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

Starting a business

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

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