Homeowner loans otherwise known as secured loans are of course only available to homeowners.
Tenants cannot apply for homeowner loans as these secured loans are secured, and what they are secured against is the equity in a property. Equity is the difference between the worth of a property, and the balance of the mortgage. If for example the mortgage balance is 150,000 and the property is worth 300,000 the equity in this case is 150,000.
Loan to value plans before the recession were available up to 100%, and secured loans of up to 100,000 were readily available subject to other criteria relating to a homeowner loan applicant's status, income, etc.
There were a few secured homeowner loan lenders willing to advance secured loans of up to 125% LTV, and it was only homeowners with excellent credit ratings who were considerd for these homeonwer loans. The maximum loan that was granted with most homeowner loan lenders was between 50,000 to 60,000 on this plan.
These loan to values have now gone and the maximum LTV is now 80% if the homeowner is in employment and 10% is deducted if the homeowner loan borrower is self employed.
The maximum secured loan values nowadays is between 50,000 to 100,000 depending on secured loan lenders.Before the recession loans of up to 250,000 were available if the secured loan applicant had tons of equity.
Secured homeowner loans can be used for almost any purpose whether it is to buy a car, a motorhome, caravan, etc. If a secured loan is used to buy such a thing as a car it means that it can be bought privately at an auction or from a private person saving money compared to buying the same car from a garage, and it also does away with needing a deposit. Currently car loans are normally only available up to about 70% of the purchase price and this can be thousands of pounds needed as a deposit. Using a homeowner loan does away with the requirement of having a deposit.
A homeowner loan is an excellent way to arrange debt consolidation which combines all your outgoings on credit cards, personal loans, etc. saving you a fortune and making your financial life easier to manage.
If a homeowner has always had a dream of owning a second home at home or away, this dream can become a reality with a secured loan which can fund 100% of the second home purchase.
This is really only the tip of the mountain regarding secured homeowner loans, and more information is readily available from secured loan brokers. - 29971
Tenants cannot apply for homeowner loans as these secured loans are secured, and what they are secured against is the equity in a property. Equity is the difference between the worth of a property, and the balance of the mortgage. If for example the mortgage balance is 150,000 and the property is worth 300,000 the equity in this case is 150,000.
Loan to value plans before the recession were available up to 100%, and secured loans of up to 100,000 were readily available subject to other criteria relating to a homeowner loan applicant's status, income, etc.
There were a few secured homeowner loan lenders willing to advance secured loans of up to 125% LTV, and it was only homeowners with excellent credit ratings who were considerd for these homeonwer loans. The maximum loan that was granted with most homeowner loan lenders was between 50,000 to 60,000 on this plan.
These loan to values have now gone and the maximum LTV is now 80% if the homeowner is in employment and 10% is deducted if the homeowner loan borrower is self employed.
The maximum secured loan values nowadays is between 50,000 to 100,000 depending on secured loan lenders.Before the recession loans of up to 250,000 were available if the secured loan applicant had tons of equity.
Secured homeowner loans can be used for almost any purpose whether it is to buy a car, a motorhome, caravan, etc. If a secured loan is used to buy such a thing as a car it means that it can be bought privately at an auction or from a private person saving money compared to buying the same car from a garage, and it also does away with needing a deposit. Currently car loans are normally only available up to about 70% of the purchase price and this can be thousands of pounds needed as a deposit. Using a homeowner loan does away with the requirement of having a deposit.
A homeowner loan is an excellent way to arrange debt consolidation which combines all your outgoings on credit cards, personal loans, etc. saving you a fortune and making your financial life easier to manage.
If a homeowner has always had a dream of owning a second home at home or away, this dream can become a reality with a secured loan which can fund 100% of the second home purchase.
This is really only the tip of the mountain regarding secured homeowner loans, and more information is readily available from secured loan brokers. - 29971
