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Home Loan

What are the advantages of home loans?

Home loans or secured loans offer the lender security against the finance. As a result, this type of loan is privy to numerous benefits that may be advantageous to you. Features associated with home loans consist of: -

  • Ability to borrow larger amounts
  • Increased loan repayment duration
  • Repayment holidays
  • Good rates, regardless of credit history
  • Option to clear loan balance early
  • Quick payout

On top of this, home loans offer a relatively inexpensive way to fund major purchases; finance home improvements and they come with very few limitations.

How can I use the loan?

A home loan can be used for almost any purpose. Many people use home loans to fund major purchases such as new cars, home improvements, weddings ect. However, it is important to remember that the funds are secured against your home and you should never over stretch yourself.

How much can I borrow?

The amount you can borrow depends on your lender. Home loans are usually calculated against a percentage of your home and they will take certain factors into consideration such as: -

  • The value of your home
  • Your outstanding mortgage balance
  • Any other debts you may have

You will then be offered an amount based on the above for which to consider.

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WARNING: THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE
REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

1. 4.94% typical APR available with Zopa for a £1,000 loan for 36 months. Zopa only lend to people
with excellent credit, who earn over £25,000 and whose identity they can confirm.

2. Potential savings will vary depending on the amount you are borrowing, the rate
you are currently paying and the rate you may be eligible for.

3. Logos are used for illustrative purposes only and represent a snapshot of loan
plan providers available through associates of bestloans.co.uk.