Unsecured Homeowner Loans

It is a common misconception that if you are a homeowner and you want a loan, you must secure your property against it. If you would prefer not to risk your property, you are actually also eligible for a range of unsecured homeowner loans. These are typically short-term, smaller loans that carry a higher interest rate than secured loans both because of the lower security and the fact that the lender needs to make a margin on the loan over a shorter time period.

In the eyes of a lender, homeowners usually have regular income and consistently make their mortgage payments on time, and therefore unsecured homeowner loans are relatively easy for homeowners to obtain. The exception would be if you had missed mortgage payments or had other problems with your financial management in the past, in which case your loan application would be refused or your interest payments would be much higher.

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Benefits of Unsecured Homeowner Loans

• You can take out a loan without needing to secure your property against it.
• The application process for an unsecured homeowner loan is generally shorter, meaning that you will have your cash available faster.
• Interest rates are generally lower for homeowners, especially if you have a good credit rating, as this shows the loan provider that you have equity and that you already have regular financial repayment commitments.