Home owner loan companies make use of your home as safety therefore when you look at the regrettable instance that that you don’t repay your loan, your premises could be repossessed.

Securing your loan against a non-standard building (age.g. One created from such a thing besides bricks and mortar) is hard as loan providers see these properties as harder to re-sell it tough in order for them to make their cash back again to cover your loan.

This is why, some loan that is secured have strict financing requirements on structures including:

• Listed structures
• High-rise flats
• Tin Roof
• Thatched roof
• Ex-local authority
• Uninhabitable home
• Non-standard construction
• Concrete
• Flats with balcony access
• Steel framework
• Timber framework

A loan against a non-standard construction, make an enquiry and we’ll refer you to one of the property mortgage experts to give you the right advice for more advice on securing.

Are you able to obtain a homeowner loan without any home loan?

An property that is unencumbered a home that is owned outright without any home loan or loans guaranteed against it.

It may be harder getting a homeowner loan on a house with no home loan or equity, because typically they are applied for on an additional cost home loan and should be guaranteed within the very best of the very very first fee home loan.

You can find a number of loan providers whom may look at a home owner loan without any equity or mortgage, nevertheless there might be extra options accessible to you remortgaging help save you more money overall.

Talk to certainly one of our advisors right here for more information on securing a home owner loan without home financing.

Exactly what are the uses that are different a home owner loan?

Some home owner loan companies provides that loan for a range of reasons nonetheless other people limit their financing for clients whom make use of the funds for house enhancement or monetary responsibility consolidation.

Debt consolidation reduction

Some clients utilize their home owner loan for debt consolidating that could be often be a cheaper alternative when they will find a loan provider with a reduced rate of interest compared to price these are typically currently spending on the debts.

Regrettably, some loan providers restrict the loan-to-value (LTV) when lending to an individual who may have accumulated financial obligation since they’re viewed as being greater risk. Where lenders may up consider secured loans to 95per cent loan-to-value for home improvements, they might restrict financing to 85-90per cent for debt consolidating.

Just like any loan, it is essential to workout ways to budget repay your loan. That is particularly crucial with loans which are guaranteed against such as for instance a home owner loan because if you fail to maintain with your repayments, your paydayloanadvance.net/payday-loans-sc house might be repossessed.

Do it yourself

You might make an application for a home owner loan so that you can carry some construction work out on such as for example an expansion or even to renovate section of your property. Creating enhancements to your residence a loft transformation to generate additional space can be less expensive than remortgaging and going to home plus some house improvements can add on value to your home.

Nonetheless, you ought to always look for expert advice before trying to get any loan never to just avoid overpaying on interest but find out lenders that are very likely to accept you.

Contact certainly one of our advisors right here to find out more.

Can I get loan by having a buy-to-let?

The money that house equity loan companies will assist you to a purchase to allow varies from loan provider to lender view guaranteed loans for a BTL as more dangerous that may influence the loan-to-value (LTV) ratio.

Affordability checks make a difference your probability of approval plus the interest you’ll pay on your property equity loan. This is why, it is essential to find advice that is professional making a software.

Be in touch and we’ll match you having an consultant experienced in buy-to-let homeowner loans.