Homeowner
Loans
HOMEOWNER LOANS
home work for you
Whether you’re looking to fund home improvements, consolidate unsecured borrowing or release some of the value in your home – a Homeowner Loan could help you make it happen.
You’ll be able to keep your existing mortgage rate and avoid the early repayment charge of remortgaging. You won’t be restricted by the limited criteria of a Further Advance on your current mortgage.
You won’t need to tell your current provider about changes of circumstance. And you won’t have to face the embarrassment of a straight ‘no’ from them, either.
WHAT IS A HOMEOWNER LOAN?
A Homeowner Loan – also known as a secured loan or second charge mortgage – allows you to borrow money using your property as security.
That means you can apply for one as a UK residential mortgage holder, even if your credit history isn’t perfect. You may also be able to borrow more at a lower interest rate than other types of loan – because the loan is repaid over a longer period.
It’s important you always pay on time with a Homeowner Loan; your home could be at risk of being repossessed if you don’t. It’s a good idea to talk to a broker first – they can recommend the right option for you.
MEETING YOUR NEEDS
improvements
Your home is your sanctuary. So we understand why you want it fit for purpose. Whatever home improvement you’re planning, a homeowner secured loan can let you look forward with confidence.
unsecured borrowing
We know how easy it can be to end up with more unsecured borrowing than you’re comfortable with. And we understand the pressure to reduce your monthly outgoings. A homeowner secured loan could be the solution.
HOMEOWNER LOANS
How does it all work
- You borrow a lump sum of cash against your home
- You agree to repay it over a number of years
- You pay in monthly instalments, plus interest
- You make the payments separately from your mortgage
- Like a mortgage, the loan is tied to your home
- Make sure you keep up with repayments, and only borrow what you need
PRODUCT BENEFITS
What a Homeowner Loan could give you
Just some of the reasons to consider a Homeowner Loan from Pepper Money:
Choose the product that’s right for you
Take advantage of fixed, discounted or variable interest rates
Wide range of borrowing
Our loans range from £5,000 to £1,000,000
Make the most of the money tied up in your home
Borrow up to 95% of your home’s value
Tailored to suit you
Choose the length of your loan: from 3 to 30 years
Avoid hidden fees
No legal costs, no extra fees if you overpay
Get a quick decision
We make loan offers within 24 hours; you get the money in 2-4 weeks
LOAN CALCULATOR
Our loans range from £5,000 to £1,000,000. Want to get an idea of how much you could borrow on a Homeowner Loan? We can help.
Mortgage product type:
Results
Loan Amount*
Monthly Repayments*
This is based on a borrowing over .Indicative Rate*
This indicative rate is based on our rate and our lending criteria for your LTV of .Total Repayable*
This is a sum of the loan amount, interest and an exit fee of . *Please note these results are indicative and are meant to be used as a guide only. Additional fees such as a broker fee and a lender fee may apply. These fees vary and will be set in line with each brokers pricing policy.
Should you wish to submit an application, it'll be subject to status, full lending criteria, a credit check and a review by a qualified mortgage adviser, which could result in a different product which has a different interest rate. Any changes are likely to alter both the monthly payment amount and the total amount payable. Results are based on a good credit profile.
Representative Example
Borrowing of £40,000, plus £595 lender fee, plus £3,000 broker fee, totalling £43,595, over 192 months on a 5-year fixed product with an initial borrowing rate of 9.2%, following a variable rate of 9.6%. There would be 60 monthly instalments of £434.49, following 132 monthly instalments of £442.52. Total amount payable £84,577.09, made up of: Mortgage Amount £40,000, Interest £40,887.09, Lender fee £595, Broker fee £3,000, Exit Fee £95. Overall cost for comparison purposes 11.4% APRC. Please be advised that any interest rate fluctuations, during the life of the mortgage contract, will affect the total amount repayable.
HOW TO APPLY
broker partners
We don’t offer our products direct to customers. If you’re interested in taking out a Homeowner Loan, speak to one of our trusted broker partners. They can talk you through your options and give you their recommendation – whether that’s one of our loans, or somebody else’s. Whatever is best for you.
ARTICLES & BLOGS
If you’d like to dig deeper, read our articles and blogs for the best Homeowner Loan content and insight.
Reflecting on a year of challenge and opportunity – looking forward with optimism
Loans for homeowners: how to apply and qualify
How to pay off a second charge mortgage from a property?
Can I get a secured loan with bad credit?
How to improve home security?
Do I need to notify my mortgage lender about renovation?
FAQS
A little further reading
Whether you’re thinking of applying or have an application in progress – here are some common questions we get asked.
What can I use a Homeowner Loan for?
A Homeowner Loan can be used for almost any legitimate purpose. Common uses for people taking out a homeowner loan include debt consolidation, home improvements, school fees, and paying for a wedding.
How can I apply for a Homeowner Loan?
You can speak to one of our trusted broker partners about Homeowner Loans. They can recommend what’s right for you, and can help you with your application.
How long does the application process take?
We aim to complete your application as quickly as possible. Depending on your circumstances, this can take from as little as a few working days, up to a few weeks.
Will you need to contact my existing mortgage company?
Sometimes we will need information from your existing mortgage lender. This has no impact on your agreement with them.