Apply For A Homeowner Loan
How To Apply For A Homeowner Loan
Find out how to apply for a homeowner loan and how you can get the best deal with ABC Finance.
Over 30,000 loan-seekers helped
FCA Authorised – Fully regulated
Receive your funds in as little as days
Market-leading interest rates
CeMAP Qualified Advisors
Fixed £1,495 Broker Fees
Author: Gary Hemming CeMAP CeFA CeRGI CSP
20+ years experience in homeowner loans
How to apply for a homeowner loan
To apply for a homeowner loan, you should approach a reputable homeowner loan broker, or apply directly to a lender. The application process starts with the completion of an application form, which is submitted to the lender or broker, along with some supporting documents.
How can I get a homeowner loan quote?
There’s no right or wrong way to get a loan quote, but there are several options available to you. The main ones are the following:
Talk to a broker
A good broker will offer the following benefits:
- They allow you to access the whole market without having to deal with lots of different lenders.
- They will have in-depth knowledge of lender criteria and will help you to choose the right lender first time.
- They will be able to advise you on the best way to approach your application.
- Their strong relationships with lenders may benefit you during the application process.
That said, not every broker is a good one, and a poor one can cause delays to your application and even make the process more difficult.
It’s also important to consider any broker fees that you’ll have to pay. Many brokers charge fees of up to 12.5% of the loan amount – £5,000 on a £40,000 loan. At ABC Finance, we charge a fixed £1,495 fee on completion of the loan.
Compare your options online
Check out the latest products online and then try our homeowner loan calculator to work out your costs.
Online comparisons allow you to find suitable products quickly without the need to talk to anybody. This is ideal for those who want to make their own decisions and not be ‘sold to’ by a broker or lender.
That said, some lenders only operate through brokers and won’t offer loans directly to the public.
Talk to lenders direct
Talking directly to lenders allows you to remove a layer from the process, but unfortunately, that layer is a person who is on your side.
That said, in some cases, it can lead to cost savings, as you won’t have any broker fees to pay.
Although this can mean a saving, if you’re not getting the best deal, then your loan costs can quickly spiral.
To ensure that you’re getting the best deal, the only real option is to speak to all of the leading lenders and get a quote from each – or use a reputable broker to save a lot of time. Most lenders don’t publish their interest rates online, meaning that other than using a reputable broker, there isn’t a simple way to compare products.
Who can apply for a homeowner loan?
We can arrange funding for almost any applicant and have a range of specialist homeowner loans including:
- Bad credit homeowner loans
- Homeowner loans for self-employed borrowers
- Homeowner loans for businesses
- Debt consolidation homeowner loans
- Joint homeowner loans
- Homeowner loans for home improvements
- Buy to let homeowner loans
- Homeowner loans in England
- Homeowner loans in Scotland
- Homeowner loans in Wales
- Homeowner loans in Northern Ireland
How long does the application process take?
The homeowner loan application process can be completed very quickly – usually in as little as 3-14 days, making them a great option for when you need funds quickly.
Most loans can be completed without a property valuation or solicitor involvement.
This makes the application process much faster than other similar products such as a remortgage.
How can I get my funds faster?
The key to getting your application completed quickly is to be thorough when providing information. By being clear and ensuring that you leave no doubt in your answers will inspire confidence from the lender.
This will help to speed up your application and ensure you get the funds needed quickly.
Read more – what happens if I default on a homeowner loan or homeowner loans vs HELOCs.
What is the application process?
To apply for a homeowner loan, you must prepare the documents needed to apply, approach a lender or broker, and then submit a formal application.
The documents required usually include:
- An application form
- Proof of ID (usually a passport or driving licence)
- Proof of address (a bill dated in the last 3 months)
- Proof of income (Payslips or HMRC tax documents)
This will then start the application process, and if approved, you can expect to receive your loan in around 1-3 weeks.
What are the application requirements?
Homeowner loan requirements
To apply, you must meet the following criteria:
- Be a homeowner
- Not exceed a maximum of 95% LTV (based on your new loan and existing mortgage)
- Meet the lender’s affordability criteria
- Supply the required documents needed to get a loan
Read more – homeowner loan rates or homeowner loan calculator.
Why apply through ABC Finance?
At ABC Finance, we pride ourselves on making the homeowner loan application process simple, at a low cost.
We don’t just help you to find the best deal, but support you throughout the entire application process to ensure your loan is completed quickly and the funds in your account when you need them.
We arrange homeowner loans every day, so we understand exactly what lenders are looking for and how to improve your chances of being approved.
If you’re looking to get a great deal on a homeowner loan, with low broker fees and a simple application process, get in touch today.
