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Home Equity Finance
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Home Equity Loans Online
An Ideal Solution
Home equity loans are an ideal solution when you want to release a large sum of money against the equity in your home. The money can be used for debt consolidation, home improvements, a new car or a luxury holiday. In fact, it can be used for almost any purpose.
Lower Rates
And, because the loan is secured against your home, it will have a lower rate APR than you'd find with most other fixed rate loans products in the marketplace and is available to most homeowners whatever your circumstances and even if you have bad credit. Repayment periods can be anything from between 5 and 25 years so you can spread your repayments over a longer period if you wish and make the secured loan even more affordable.
Online Application - Offline Comparison
Our on line UK based service will search the market and find the right equity loan for you. To apply online is a quick and simple process. Once we have your information, we can match that to the best lender to suit your needs and, once we've given you the options, we'll complete the paperwork and ensure that your application runs smoothly and quickly.
Home Equity Update
The use of equity to secure a home loan has been subject to some significant industry changes over the past few months. In times of rising property prices lenders were less concerned about advancing sums near to the full equity level available to a borrower and were often quite happy to accept ballpark valuations. However due to increasing restrictions on available credit, accurate valuations are more common and the sums available are often limited to a percentage value, lower than the equity available. For example if you have equity of £100,000 in your property (say it's worth £250,000 and you have £150,000 outstanding on your mortgage), you may only be able to borrow up to 75 per cent of that equity - a maximum of £75,000 in this example.
Home Price Update
The key to a successful home equity loan application is adequate value in the home you already have a mortgage on. The difference between the amount of outstanding mortgage and the full value of people's homes in the UK has been dropping recently, as house prices reduce in the wake of the credit crunch. This drop in house prices is reducing the number of applicants who will qualify for home equity loans, but given the right criteria, loans are still available.