May I secure my house equity loan against a non-standard property?

Home owner loan loan providers make use of your property as safety therefore within the regrettable instance that you don’t repay your loan, your premises could be repossessed.

Securing your loan against a non-standard building (age.g. One made from such a thing besides bricks and mortar) could be hard as loan providers see these properties as harder to re-sell which can make it tough make back again to cover your loan.

As a result of this, some secured loan loan providers have actually strict financing criteria 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
  • Metal 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.

Can you really obtain a home owner loan without any home loan?

An unencumbered home is a home this is certainly owned outright with no home loan or loans guaranteed against it.

It could be harder getting a home owner loan on a house without any home loan or equity, because typically they are applied for on an extra cost home loan and have to be guaranteed on the most truly effective of the very very first charge home loan.

You will find a number of loan providers whom may think about a home owner loan without any equity or mortgage, nonetheless there might be other available choices open to you remortgaging help you save more money overall.

Talk with certainly one of our advisors right here to learn more about securing a home owner loan without house funding.

Exactly what are the various uses for a home owner loan?

Some home owner loan loan providers will offer a loan for a myriad of reasons nevertheless other people limit their financing for clients whom use the funds for house enhancement or monetary responsibility consolidation.

Debt consolidating

Some customers utilize their home owner loan for debt consolidating which is often often be a cheaper alternative should they will find a loan provider with a lowered rate of interest compared to the price these are typically presently having to pay on the debts.

Regrettably, some loan providers restrict the loan-to-value (LTV) whenever lending to a client who has got accumulated financial obligation since they’re viewed to be greater risk. Where lenders may up consider secured loans to 95per cent loan-to-value for house improvements, they might limitation lending to 85-90% for debt consolidating.

As with every loan, you will need to workout ways to budget repay your loan. It is specially crucial with loans being guaranteed against your house such as for example a home owner loan because if you don’t keep pace along with your repayments, could be repossessed.

Do it yourself

You might want to submit an application for a home owner loan to be able to carry some construction work out on your premises such as for instance a expansion or even to remodel section of your house. Creating improvements such as for example a loft transformation to produce additional room can be cheaper than remortgaging and going to home plus some home improvements can truly add value to your home.

But, you need to look for qualified advice before obtaining any loan not 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 have loan having a buy-to-let?

The money that house equity loan companies will assist you to borrow secured on a purchase varies from loan provider to lender view guaranteed loans on a BTL much more high-risk which can impact the loan-to-value (LTV) ratio.

Affordability checks can impact your chance of approval along with the interest you’ll pay on equity loan. This is why, it is essential to find qualified advice before making a software.

Get in touch and we’ll match you by having an consultant skilled in buy-to-let homeowner loans.