Your equity is the difference between the value of your home and any outstanding loans secured on it.
For example, if you home is worth £200,000 and you have a mortgage of £125,000 you have equity of £75,000.
You will generally have to demonstrate that any homeowner loan is affordable to you and that you will be able to keep up your repayments based on your current and future income.
You can typically repay your loan over any term between 3 and 25 years. Perhaps you want your homeowner loan to run alongside your main mortgage or maybe you want to ensure your secured loan is paid off before your retirement age?
You will also both have to sign any associated legal documents.
You can pay your loan back before the scheduled end of the term.
If you don’t own your own home you should consider other sorts of lending such as unsecured loans, credit cards or overdrafts.
In addition, your loan will be dependent on your income and outgoings.To use your home to raise money at a competitive APR, please fill this homeowner loan form. This debt consolidation calculator is designed to help determine if debt consolidation is right for you.The amount you can borrow typically depends on two factors.Firstly, your borrowing potential will depend on the amount of equity that you have in your property.