Homeowner loans, also known as ‘secured loans’ and ‘second charge loans’, are available to people who own a home or who currently hold a mortgage. The loan taken out is secured against your home which offers security to the lender.
Our homeowner loans are a great way for people to borrow the amount they need without focussing solely on credit score, particularly if their circumstances mean it’s difficult to successfully apply for an unsecured loan.
If you have struggled to obtain an unsecured loan from the bank, and are a homeowner, then a secured loan may be the best option if you’re looking to obtain credit. We’ve put together some frequently asked questions by those looking for homeowner loans to help you make an informed decision before choosing a secured loan option.
Homeowner loans work differently to unsecured loans as the decision to lend isn’t solely linked to your credit rating. This means that a less-than-perfect credit history needn’t be a barrier to you getting the money you need. A secured loan is called such because it is a loan that is ‘secured’ against your property.
If you would like to know more regarding secured loans vs. unsecured loans we’ve created a page with all the facts you need to know.
In order to apply for a homeowner loan through Evolution Money you must meet the following criteria:
We’re committed to being clear and upfront about everything involved in getting a secured loan through us. That’s why we created a clear step-by-step guide to our loan process.
A secured homeowner loan through us can be used for almost any purpose. So, whether you need the loan for those home improvements you’ve been putting off, for a new car or for a family holiday you’ve been waiting for, we can provide the funding you need.
Evolution Money provide secured loans for homeowners up to the value of £20,000.
The amount borrowed can be tailored to whatever suits you best. Evolution Money offer bespoke homeowner loan repayments up to 180 months (15 years). And, because the loan can be repaid over a longer period, this means we could even offer a lower affordable monthly repayment amount.
We are completely transparent about the fees involved in your loan. There is a setup fee and an acceptance fee which are added to the total amount repayable by you over the duration of your loan term.
For example, on a £6,000 loan, there would be a setup fee of £600 and an acceptance fee of £480.
All fees are clearly broken down here so you can see exactly what you will be expected to repay.
Unlike many other secured loans for homeowners, we allow our customers to overpay and make a lump sum payment which will reduce the amount of interest repaid on the loan.
We will not turn you away if you have negative equity in your property, or poor credit history. Please be aware that we cannot guarantee your secured loan until we have reviewed your current circumstances and what repayments you can likely afford.
At Evolution Money, we listen to you. Your application will be individually assessed by your personal account manager, not by a computer. They will also be there for you from your first discussion, right through until the money is in your account. If you have any questions during your loan term, your personal account manager is always just a quick call away.
Even if you’ve already had a homeowner loan secured against your property in the past; we may still be able to help you.
Take a look at our handy loan calculator to see what your repayments might be on a debt consolidation loan through Evolution Money.
Or, give us a quick call on 0800 138 7181 to talk through your credit needs and get a quote from an Evolution Money personal account manager today.Apply for a Homeowner Loan