Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.
Equifinance homeowner loans
Equifinance helps homeowners use the equity in their property as security for loans of to be repaid over .
Overall representative example
If you borrow £43,000 over 16 years at a rate of 10.25% variable, you will pay 192 instalments of £505.18 per month and a total amount payable of £96,994.56. This includes the net loan, interest of £49,404.56, a broker fee of £3,995 and a lender fee of £595. The overall cost for comparison is 12.7% APRC variable.
If you borrow £43,000 over 16 years at a rate of 10.25% variable, you will pay 192 instalments of £505.18 per month and a total amount payable of £96,994.56. This includes the net loan, interest of £49,404.56, a broker fee of £3,995 and a lender fee of £595. The overall cost for comparison is 12.7% APRC variable.
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 . Your repayment term will depend on your individual needs and circumstances.
- Borrow . Equifinance allows you to borrow up to 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.
Overview of Equifinance homeowner loans
| Loan amounts | From £10,000 to £250,000 |
|---|---|
| Age | From 21 to 80 years |
| Term | From 3 to 25 years |
| Maximum LTV | Up to 90% |
| Representative APRC | Up to 19.9% |
| Lender fee | from £995 |
Frequently asked questions
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