By using your home as collateral you can avail a larger sum of money than with other loans, anything from ?5000 to ?75,000 and even possibly ?100,000 depending on the lender and of course the value of the equity in your property. Secured homeowner loans can also offer longer repayment terms than other loans. This is usually 5 years but the term can be extended to 25 years depending on the sum being borrowed and it goes without saying that the longer the repayment term the lower and more comfortable the monthly payments will be.

Lenders are happy to offer you lower rates of interest for secured homeowner loans and this is because there is little risk that the loan will never be repaid. If you default on the loan then the lender will seize your collateral, in other words your home, and sell it to recoup the outstanding balance. This rarely happens though; because of the low interest rate and the option of a long repayment you and the lender can ensure that your monthly repayments are affordable and easy on your pocket.

Even if you have a poor credit history such as CCJ's, bankruptcy, IVA, defaults, arrears etc you can avail a secured homeowner loan this is because the lender has the security of the collateral should the loan never be repaid either in part or in full.

The list of purposes for the use of a secured homeowner loan is endless, to name but a few the loan can be used for home improvements, wedding, education, holiday, car and even debt reconciliation.

Because secured homeowner loans are offered with a low rate of interest and the option of a long repayment term they are an excellent and flexible resolution for both good and bad credit borrowers to avail money.