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If you borrowed £35,000 over a 14-year term at 8.95% p.a. (variable), you would make 168 monthly payments of £418.88 and pay £70,371.84 overall, which includes interest of £30,326.84, a broker fee of £3,550.00 and a lender fee of £995.00. The overall cost for comparison is 11.8% APRC representative.
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
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
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