Frequently Asked Questions
How do homeowner loans work?
A Homeowner loan is a second mortgage on your home – or other property you own. The first charge is the original or first mortgage.
So think of a homeowner loan as ‘Mortgage No. 2’.
The homeowner loan is used to borrow some of the equity you own in your home. To raise a second charge loan you need to own the property or to have sufficient equity in it to offer as security for the new loan.
These type of secured loans are a way of unlocking some of the equity tied up in your property without the need to remortgage the property or to raise funds elsewhere – through a more expensive personal loan, for example.
Useful pages:
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