Fast Home Improvement Loan To Refurbish & Improve Family Home
If you are a homeowner with an existing mortgage (first charge) and you are looking to carry out home improvements to your property and you want to leave your existing mortgage in place, then a homeowner loan (often known as second charge mortgages) may be an option for you.
A homeowner loan sits behind a first charge mortgage and depending on the lender can be taken out for a variety or reasons, including improving your home.
Case Study: A couple who already had a mortgage with the Halifax but did not want to remortgage, were able to secure a homeowner loan for £50,000 to carry out refurbishment works to their home including adding an extension and upgrading their windows to double glazing and repairs to their roof. The couple took out the home improvement loan for a 10 year term on a 5 year fixed rate. As well as upgrading their property, they were also able to pay off an expensive credit card.
The process for obtaining a homeowner loan can be very quick. 5 working days is possible.
In getting the right homeowner loan for you it is important to talk to a specialist broker who can access market leading rates and who understands the market.
Factors that come into play that will effect how much you can borrow include:
- How much borrowing you already have (secured and unsecured)
- Your credit record – if you have had previous issues with credit this will come into play
- Reason for borrowing
- Employment status
- Your income – lenders are under a obligation to ensure the total borrowing you have is affordable in line with your circumstances