Home Equity Loans from Libra Finance

 

The equity in your home is simply the difference between the value of your home and the outstanding mortgage. Many UK companies offer great deals on home equity loans. Allowing you to borrow money based on the available equity tied up in your home. The idea is that, if you sold your home you would be left with a certain amount of cash after paying off your mortgage which would be cash in your pocket. This type of loan allows you to get your hands on that cash without having to actually sell your home.

I'm a home owner / mortgage payer*

If you own your house or are the mortgage
payer, then you may be able to benefit from
low monthly repayments...

I'm a tenant or renter

If you don't own your own home or pay a
mortgage, then we can still help with a loan
of up to 15k.

 

Home equity loans are particularly beneficial for the elderly and for those who have a poor credit rating. These types of borrowers are normally considered high risk for traditional lenders. But for the UK lenders offering these loans it is a win-win situation because the loan is tied to your property which means that if you can’t pay, the lender can sell your house and reclaim the money from the available equity.

 

These home equity loans are popular with UK resident that own their own homes because it enables you to borrow money at a low rate of interest and with a low monthly repayment. It basically provides you with a solution to unlock the equity that is tied up in the property, which would normally only become available upon sale of the house. If you are elderly and need to unlock your equity to supplement your pension or for any other reason, some UK lenders operate schemes where you don’t have to make any repayments at all. Depending on the equity in the home, these lenders simply reclaim the loan and interest by selling your house when you pass away or move on.

 

However, for those of us that do have to make monthly repayments on our loans, it is vital that we also take out insurance to cover us in the event that we are unable to work and make the repayments. The risk associated with this type of loan is that you could lose your property if you are unable to meet the repayments, so your lender would be perfectly entitled to force the sale of your house if you default on payments. By taking out this reasonably priced insurance, you will get the peace of mind that you payments will be covered if you are unable to work. And if you do settle your loan early, you will be entitles to a portion of the insurance money back.

Libra Finance UK

a range of loans for any purpose

fast decision from our courteous staff

available up to 2.5 million

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OUR TYPICAL, VARIABLE RATE IS 10.9% APR. RATES RANGE FROM 7.4% APR to 27.60% APR 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.