Free Homeowner Loan Calculator
Get a homeowner loan with a market leading 5.5% broker fee
Find the best UK homeowner loans and calculate your potential monthly repayments using our homeowner loan calculator. Our calculator allows you to input your desired loan amount, loan term and interest rate to find out your potential monthly payment.
If you’re looking to calculate your monthly costs, compare interest only vs capital repayment or work out how much you could afford to borrow, get started now. Alternatively, find out how to get a homeowner loan.
Monthly Costs
Using the calculator
To help you to work out your likely monthly repayments, we have built our secured loan calculator.
The calculator will give you your monthly repayments, based on the amount borrowed, the term of the loan and the interest rate.
If lender arrangement fees and/or broker fees are to be added to the loan then an amount to cover these should be included in the loan amount section to get a more accurate guide.
How to use our calculator:-
- Enter your loan amount
- Input the interest rate (either a whole number, or with decimal places).
- Enter the term of the required homeowner loan in years.
- Press ‘calculate’ and the calculator will show you your monthly payment.
What is a homeowner loan?
A homeowner loan is a type of loan that allows you to use your home as security for borrowing. By offering the lender security, you can benefit from a higher loan amount, lower interest rates and the ability to borrow over a longer term.
Homeowner loans are often used to finance the following:
- Home improvements
- Debt consolidation
- Funding property investment
- Paying for a wedding
- Paying for a holiday
- Purchasing a new car
- Paying tax bills
- Clearing adverse credit such as an IVA or CCJ
- To inject capital into a business
- Paying school tuition fees
- Extending the lease on a property
How much can I borrow with a homeowner loan?
When taking out a homeowner loan, you can borrow anything from £10,000 with no set maximum loan size. Your maximum loan will depend on your income, outgoings, the amount of equity you have in your property and your current loan to value (LTV).
The first step in understanding how much you can borrow is to use our calculator and consider the maximum affordable monthly payment. Once you know this, you will know the maximum loan size, term and interest rate that you can afford.
At this stage, contact our team of experts who will be happy to run through your personal circumstances and let you know which lenders could meet that requirement. Each lender has its own homeowner loan process, interest rates, method of calculating affordability and maximum loan to value (LTV) requirements.
What can be used as security for a homeowner loan?
The following can be used as security for a homeowner loan:
- Houses
- Apartments
- Flats
- Cottages
- Bungalows
- Flats
- Holiday properties
- Self-builds
- Converted properties
- Buy to let property
- Business (commercial or semi-commercial) properties (in some cases)
Can I get a homeowner loan with bad credit?
Yes, you can get a homeowner loan even if you’ve got bad credit, they are known as bad credit homeowner loans. We can consider applications from borrowers who have previous mortgage arrears, defaults, CCJs, IVAs or bankruptcy.
If your credit score is below average, you won’t qualify for every product. In this case, expert advice should be sought rather than looking at interest rates online.
This will ensure that you get the most accurate possible terms based on your circumstances.
