Home loans are usually
made to help fund improvements in the value of the property.
They are a loan secured by the property,
and as such are usually much lower rated than unsecured
The big mortgage lenders
are the first port of call for this kind of lending,and
to compare their offerings on your loan requirement, simply
click on the button . . .
The pros ands cons of home loans
You can organise a home improvement
loan at the same time as a mortgage. You can normally
arrange a further loan of around £25,000.
If you can't get more money on your
mortgage, there are other lenders who offer special home
improvement products. We have assembled a list
of some 50 lenders who will look favourably at an "off
mortgage" loan against equity in your home.
Forms of lending using the value of your home
Just to confuse the issue entirely,
there are many forms of secured loan which
rest on the collateral supplied by your home's excess of
value to encumberance (market price compared to debt). But
strictly speaking Home Loans are about a direct second
charge on an already mortgaged property to help
fund improvements to it.
This may take the form of advanced
to you in tranches, because home improvement work costs
being difficult to predict. The final cost could differ
from your original budget, so being able to borrow exactly
what you need is important.
Apply for a home improvement loan online
By clicking on the button above you
can use UK Online Finance's online form
to get an idea what a home improvement loan will entail.
If the improvements you have in mind
are not classed as "essential", then you may have
to ask instead for an extension on your mortgage.
The difference is that a mortgage
advance has to be repaid overther full term, which means
more interest is paid. A home loan is the same interest
rate but a shorter period.