Frequently Asked Questions

Am I eligible for a loan?
You are eligible for a homeowner loan if you are at least over 18 years of age and a homeowner in the UK.
How much can I borrow?
Typically, you may be able to borrow between £5,000 and £100,000 depending on the equity that is in your asset. You may be able to borrow up to 90% of your home equity. Your income and expenses will also affect your borrowing capacity.
How much will the loan cost?
The total repayable amount for your loan will be dependent upon the particular interest rate that will be given to you. Factors that will affect this interest rate are your loan options, your credit score, and your present financial situation.
How long will the process take?
After you provide us with your details, we will get in touch with you within 24 hours to let you know what options you may have, and what requirements you will need to have on hand. After gathering all the necessary documents from you, we will hand over your application to the lender so you can proceed with the next stage.
Normally, the application process may take around three to six weeks, meaning the funds may take around a month to become available. You may choose to receive the money via direct bank transfer or through cheque.
How much do you charge for your service?
There is no cost for using our comparison service, as we will be compensated by the lender after a loan is successfully completed. When applying for a homeowner loan, there will be a processing fee for property valuation, but this amount will simply be added to your loan and will be included in the quote given to you.
Will my application for a loan affect my credit rating?
When you first use our comparison service, we will only perform soft searches that will not impact your credit rating. The only time that hard searches will be performed is when you proceed with the application, whereby the lender will have to complete the credit checks and pull out your credit report from credit bureaus.
How long will I have to make my repayments?
Homeowner loans may take between one and twenty five years to be repaid, depending on the amount you needed to borrow. Of course, because this is a long term loan, you need to carefully consider factors such as monthly income and outgoings, financial obligations along the way, and even future income.
Can I pay off the loan early?
Yes. Homeowner loans can be paid off before the agreed term, however, this may cost you a small early repayment fee. Be sure to contact your provider for instructions on how to do this.
Can I take a homeowner loan on top of my secured loan or mortgage?
Yes, as long as you have sufficient amount of equity in your property, the lender may still be able to give you a loan. In this setup, the lender will be the third to recover the payments after the secured lender and the mortgage company in case you default on the loan, which is why this scheme may have higher interests than normal.
Can I apply if I am self-employed?
Yes, as long as you can demonstrate capacity to meet the repayments, you can always apply for a homeowner loan, In fact, this may be the only way for many self- employed borrowers to obtain credit if they were turned down by other lenders.
What if I have bad credit?
If you have bad credit, your ability to obtain a loan through traditional means may also be affected. However, many lenders gain enough confidence to lend you money when there’s collateral involved.
Can I move to a different home?
If you want to sell your home and move to another one, you can do this provided that you’ve paid off your loan.
What if my home is named under a joint account?
If your home is under a joint ownership with your spouse or someone else, both of you will need to undergo the application process, submit the necessary paperwork, and sign the legal documents together.