Echo Finance

Homeowner loans can offer the opportunity to borrow money for customers who have experienced money issues in the past and that may have damaged their credit history as a result. A homeowner loan can be your best deal as you are more likely to be accepted for than a personal loan.

What is a homeowner loan?

With a homeowner loan, collateral, such as your home, is used as security for the repayments. If a second charge loan is not repaid, the lender has the legal power to take what is owed from the property on which the borrowing was secured or even repossess the home.

 

Homeowner loans are usually higher amounts, so are often used to consolidate existing debt, make a large purchase (e.g. a car) or fund a large project (e.g. home improvements). This investment in the property will hopefully increase its value when the time comes to sell.

Lenders look far more favourably on potential borrowers with a poor credit rating if they are prepared to secure the borrowing against their home. This gives lenders the security that they will definitely be repaid, either from a monthly repayment or by repossession of the house.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
Echo Finance
Echo Finance Limited

The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE

Local Rate: 01484213337
Freephone: 08000934914

Registered in England and Wales No. 6939070. Registered office - The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE. Echo Finance Limited is authorised and regulated by the Financial Conduct Authority. Echo Finance Limited is entered on the FCA register (www.fca.org.uk) under reference 570073. The Guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. We are a broker not a lender. We conduct both regulated and unregulated business and therefore not all products provided through us are regulated by the Financial Conduct Authority. We may receive a commission from the Lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. The Financial Conduct Authority does not regulate Will Writing, Estate Planning and some forms of Mortgages. © Copyright Echo Finance Limited. *Example rate shown is a 10 year fixed rate mortgage from Lloyds Bank with an initial rate of 4.83% for 10 years; then reverts to SVR after intro period (12/09/2023). Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.

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