Equifinance homeowner loans

Equifinance helps homeowners use the equity in their property as security for loans of £5,000 to £150,000 to be repaid over 3 to 25 years.

Posted

Fact checked
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.

Calculate the cost of your loan

Table: sorted by overall cost for comparison (representative APRC)

Loan amount

Property value

Current mortgage

Loan term

Data indicated here is updated regularly
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Monthly repayment Total payable
Equifinance Standard Secured Loan
60%
£5,000 to £150,000
3 to 25 years
9.5% APRC
£
£
Equifinance Adverse Secured Loan
60%
£5,000 to £150,000
3 to 25 years
10.2% APRC
£
£
Equifinance Adverse Secured Loan
70%
£5,000 to £100,000
3 to 25 years
10.4% APRC
£
£
Equifinance Adverse Secured Loan
60%
£5,000 to £150,000
3 to 25 years
10.7% APRC
£
£
Equifinance Adverse Secured Loan
70%
£5,000 to £100,000
3 to 25 years
11.1% APRC
£
£
Equifinance Adverse Secured Loan
75%
£5,000 to £75,000
3 to 25 years
11.4% APRC
£
£
Equifinance Adverse Secured Loan
70%
£5,000 to £100,000
3 to 25 years
11.5% APRC
£
£
Equifinance Adverse Secured Loan
60%
£5,000 to £150,000
3 to 25 years
11.5% APRC
£
£
Equifinance Adverse Secured Loan
75%
£5,000 to £75,000
3 to 25 years
11.9% APRC
£
£
Equifinance Adverse Secured Loan
60%
£5,000 to £150,000
3 to 25 years
12% APRC
£
£
Equifinance Adverse Secured Loan
70%
£5,000 to £100,000
3 to 25 years
12.4% APRC
£
£
Equifinance Adverse Secured Loan
75%
£5,000 to £75,000
3 to 25 years
12.8% APRC
£
£
Equifinance Adverse Secured Loan
70%
£5,000 to £100,000
3 to 25 years
12.9% APRC
£
£
Equifinance Adverse Secured Loan
80%
£5,000 to £50,000
3 to 25 years
13.3% APRC
£
£
Equifinance Adverse Secured Loan
80%
£5,000 to £50,000
3 to 25 years
13.9% APRC
£
£
Equifinance Adverse Secured Loan
80%
£5,000 to £50,000
3 to 25 years
14.5% APRC
£
£
Equifinance Adverse Secured Loan
75%
£5,000 to £75,000
3 to 25 years
14.6% APRC
£
£
Equifinance Adverse Secured Loan
80%
£5,000 to £50,000
3 to 25 years
17.1% APRC
£
£
Equifinance Adverse Secured Loan
75%
£5,000 to £75,000
3 to 25 years
17.2% APRC
£
£
Equifinance Adverse Secured Loan
80%
£5,000 to £50,000
3 to 25 years
20.1% APRC
£
£
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Overall representative example
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

  • 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 80% 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

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