BEST HOME OWNER LOAN UK

We operate a searchable database of UK lenders for the best home owner loan quotations and we can obtain extremely competitive interest rates for you no matter what your personal circumstances or previous financial history. Many of the products that we are able to offer do not feature on the High Street and many of our niche lenders are able to offer much better rates than other commercial lenders because they do not have the same expensive overheads. Our telephone operators are available 24/7 to help you with a quotation or alternatively just complete and send our contact form to obtain detailed information on the best product available to satisfy your needs. Most of our lenders are able to offer very fast decisions and will make an offer in principle once they have all of the relevant information.

A home owner loan is borrowing that is secured on the property occupied by the lender. This is a legal device otherwise know as a mortgage whereby the lender can register the debt against the property and in the event of default in payments by the borrower can apply to a UK court of law for permission to sell the property to pay off the debt. Even if there is a previous bank or building society mortgage registered against the property, a further mortgage can be registered which merely takes second place in the priority list for repayment in the event of sale. Registration of these ‘charges’ takes place at the government Land Registry and any prospective purchaser of land or property will search the Land Registry records prior to agreeing to buy land or property.

Before agreeing to a home owner loan a lender will need to be satisfied that the borrower is of good standing and is likely to be able to make the agreed repayments. Lenders will consider the following items :-

• The interest rate charged will to some extent depend on the applicants previous financial track record. Most borrowers will make enquiries with credit reference agencies and obtain a report showing the proposed borrowers previous credit transactions to establish the likelihood of default. If the borrower has a good record and has had previous loans that have been repaid on time then he can expect to be offered advantageous terms for a new loan however if the borrower has a poor record then this will most likely be reflected in the interest rates offered by the lender.
• The lender will require proof of income except in the case of self employed, self certification mortgages and will often take the income of a partner or spouse into consideration. If income is insufficient it may still be possible to arrange a loan by use of a guarantor.
• The valuation of the property, the price paid and the amount of any deposit are important matters relating to the lenders security. A loan may be seen as high risk if the borrower has little equity in the property whereas a lender who pays a large deposit may be considered as relatively risk free by the lender. These matters are inevitably reflected in the interest rates charged on a loan.