QuickSilver :: Homeowner Loans

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Unsecured & Secured Loans for Homeowners (tenants etc. click here)

As a homeowner you not only have the choice of unsecured loans but also the option of borrowing on even better terms by using a secured loan. Below is a summary of the main differences between the two types of loan.

Secured Loan

Unsecured Loan

Who can borrow?

Homeowners only (the home acts as security). Owner must have a mortgage.

Homeowners & Tenants

Max Loan Value:

£1m (1)

£25,000

Max Repayment Period:

25 years

7 years

APR rates:

Having the home as security means rates can be lower. Rate will depend on loan size, credit status and the equity in the property.

Rates will be higher (no security involved), but they are also affected by credit status.

Speed of getting funds (approx):

3 weeks (faster for loans over £25k as they are not regulated by 1974 Consumer Credit Act)

1-2 weeks

Other:

Loan value cannot exceed House value minus mortgage outstanding

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Secured Loans

Unsecured Loans

Compare Quotes

The table on the left has probably helped you to judge the key differences between unsecured and secured loans. The next step is to compare quotes to see the financial differences:

Secured Loans

Get Quotes

Unsecured Loans

Get Quotes

Credit Problems?

If you have credit status issues it may prove difficult to obtain an unsecured loan. However, because you are a homeowner you may still be able to borrow when a non-homeowner could not - this is because of your property. So, a secured loan may still be an avenue open to you.

(1) Will depend on an assessment of your credit rating, your ability to repay and the amount of "free equity" in your home.