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Homeowner Loans

What is a Homeowner Loan?

Homeowner loans, also known as secured loans, are loans secured against your property. Homeowner loans are ideal if you want to borrow a large amount of money and are usually used to consolidate existing credit or to make home improvements.

Reasons to choose a homeowner loan?

If you need to borrow a large amount then a homeowner loan is perfect for this. At Inspired we can lend up to £500,000, dependent on your personal circumstances and credit history.

Homeowner loans can be used for almost any purpose. The larger loan amounts and longer repayment terms make them a popular choice for home improvements, home extensions and debt consolidation.

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Homeowner loan interest rates are normally lower than an unsecured loan because they’re borrowed over a longer term. Rates can start as low as 4.5% APR. However, rates are subject to status and other financial factors.

To apply for a homeowner loan, you’ll need:

  • to tell us your residential address(es) for the last three years
  • your date of birth. You must be over 18 years old
  • your employment details and some financial information

Things you should consider

Taking out a homeowner loan should not be taken lightly as you’re putting your home and other assets at risk if you fail to keep up the repayments.

If you want to pay of your loan early, some lenders may charge you an early repayment fee. However, when looking at the various options available our experienced advisors will look into loans that suit your personal needs.

Homeowner loans are typically repaid over a longer period ( 5 – 25 years) and while smaller repayments over a longer period may seem attractive, the longer the interest period, the more interest you will pay overall.

Our advisors will work hard to find you the best loan to suit your personal circumstances. They will also be transparent about any fees that apply to your homeowner loan and what they mean to you, and your future plans.