Equifinance homeowner loans

What is Equifinance?

Equifinance is a specialist lender that provides second charge mortgages for homeowners looking to use the equity they have in their home as security against a new loan. It also claims to offer lending products to those who have experienced financial difficulty in the past, or who have an unusual employment situation, such as being self-employed or new to their current job.

How do Equifinance loans work?

Equifinance offers a type of secured loan known as a second charge mortgage, which can be useful when you need funds for debt consolidation, home improvements or a bigger one-off purchase. A second charge mortgage uses the equity you have in your house as a guarantee against a new loan, without forcing you to remortgage or change your existing mortgage.

As a type of secured loan, Equifinance second charge mortgage loans may also offer more competitive interest rates than a regular unsecured loan, as well as longer repayment terms.

However, you should think carefully before applying for this type of loan because it puts your home on the line – if you don’t keep up repayments you may lose your property.

Equifinance secured loans

• Repay over 3 to 25 years. Your repayment term will depend on your individual needs and circumstances.
• Borrow £5,000 to £150,000. Equifinance allows you to borrow up to 90% of the value of your home, less the outstanding mortgage.
• Variable or fixed rates. You can choose to fix your interest rate for a pre-specified period of time to help you budget.
• Self-employed considered. Equifinance takes into account applications from people working for themselves.

Am I eligible for an Equifinance secured loan?

To apply for an Equifinance homeowner loan you must be living in England, Wales or Scotland. You also need to be over the age of 21 and the loan term must end on or before your 80th birthday.

How do I apply?

Equifinance only accepts applications from authorised brokers. If you want to apply for a loan you can click on a “Get quote” button above. After filling out your contact information and details about your property value and mortgage, an adviser will call you to discuss your application.

Frequently asked questions

• How much can I borrow?

  Equifinance offers loans of £5,000 to £150,000 but the amount you can borrow will depend on factors like your credit score, the equity in your home and your income and outgoings.

• Is a valuation of the property needed?

  Equifinance requires a valuation of your property to assess the suitability of the security and to ensure the loan to value (LTV) ratio is within its criteria. The valuation will be done either by a RICS surveyor or by an automated method of valuation.

• How do I make repayments?

  Equifinance accepts payments:

  • Over the phone
  • Online via Equifinance’s website
  • Via bank transfer or standing order
  • By cheque

• I have bad credit, will I still be accepted for a loan?

  Equifinance states that it will consider each case on its own merits so depending on your circumstances you may still be accepted.