Home Owner Loans

Home owner loans from Progressive Money

Progressive Money home owner loans require proof that you are a home owner and have a mortgage or that you own your home outright. But we’re a little bit different to other lenders in that we don’t secure your loan against your property or any other assets. So unlike other lenders, we may be able to loan you the money you need without securing against your home.

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What is a home owner loan?

Home owner loans are typically secured against your property, so having a mortgage (or owning your home outright) is an essential requirement when applying for one. Your house becomes the lender’s security and its value is taken into consideration when you apply to borrow money.

A home owner loan provides the option of borrowing larger sums of money, which can be repaid over an extended period of time, making monthly payments to the lender until the loan has been paid off. Although it would be only as a last resort, some lenders could repossess your home if you fail to pay the loan back. But at Progressive Money, we don’t secure your loan against your home. We just require you to be a homeowner and living in your property.

The requirements for a home owner loan

At Progressive Money, we listen to you and try to be as flexible as possible when it comes to your loan application. You might be applying for a home owner loan, but we won’t secure your property – or any other valuable asset – against it. These are also known as unsecured loans.

Our home owner’s loan might be an option providing you are:

• A home owner
• Aged 18-70
• Employed or self-employed
• Living in England, Scotland or Wales
• Able to afford monthly repayments comfortably from your regular income.

Once we’ve received your application, we’ll take into account more than just your credit score. We’ll consider your personal situation and circumstances, as well what’s affordable to you and work out a plan that best suits you. Speak to our friendly team of advisors today – they’ll be on hand for any queries you have, from your initial application right through until your final repayment.

Uses for a home owner loan

Home owner loans can help you cover the cost of life’s big purchases. Instead of saving for months and years for that new conservatory or dream holiday, this type of loan can provide you with the money now. We’ll then work with you to develop a personalised plan that allows you to pay it back in affordable monthly instalments. Many lenders will want to know what you’ll be using the money for – some of the most common uses for a home owner loan include:

Home improvements
Your house is likely to be one of the biggest investments you’ll make so it’s understandable that you want to ensure it’s in great shape. Whether that means a new kitchen or bathroom, kitting the place out with new windows or simply taking some time to inject life into a tired-looking garden, a home owner loan means you’ll have the cash to fund it, safe in the knowledge that you’re adding value to your property.

Debt consolidation
If you owe money to several lenders, it can be difficult to keep track of what is outstanding, which can become a real worry for many people. A home owner loan can be used to pay off other existing loans and debt. Consolidating debts in this way leaves you with a single monthly repayment, allowing you to better manage your outgoings and perhaps reduce your monthly expenditure.

Fund your wedding or honeymoon
With the average cost of a wedding consistently rising, many people struggle to find the cash to pay for the day of their dreams. A home owner loan could make a big difference to your special day, or provide the funds to honeymoon on that far-flung island you’ve always dreamed about visiting.

A new car or motorcycle
Whether you’re looking to buy your first car or motorcycle or are shopping around for a newer model, a home owner loan could provide the cash you need to get you on the road – and may even offer a cheaper interest rate than the car dealership. Just remember to take into consideration all the additional costs of owning a car, including insurance, road tax and petrol costs.

If this sounds like the right type of loan for you, take the first step to finding out if you’re eligible and apply now.