Use your home equity to raise money at a great rate from trusted UK lenders
Debt consolidation, home improvement, self-employed, bad credit
Can I Take a Secured Loan on a Jointly-Owned Property (Shared Ownership)?
Yes you can – but it may not be easy.
Since the beginning of the credit crunch in 2008, the number of lenders offering secured loans and secured homeowner loans for shared ownership properties has fallen significantly. And, those that are left have changed their criteria to make it tougher to get a loan.
This means there are less lenders offering secured homeowner loans on property you co-own (shared ownership) although they are still available, particularly if you have a reasonable amount of equity in your ‘share’ of the property.
Secured homeowner loans on shared ownership property work in much the same way as traditional secured loans. Secured loans allow you to borrow against the equity in your property (the value less any outstanding mortgages and secured loans). A shared ownership secured loan works in exactly the same way as if you owned 100 per cent of your home, but your loan will be limited to the total value of your share of the property.
So, if you own a 50 per cent share in your home but you only have a mortgage of half this amount, you will potentially be able to take out secured homeowner loan against the 25 per cent ‘equity’ you have in your home – even though you only own a proportion of the property’s total value.
A shared ownership secured homeowner loan will otherwise work in much the same way as a traditional secured loan. The interest rate will be based on a number of factors including the amount of equity you have available, your income and expenditure, any other loans you have, your credit rating and your ability to repay the secured loan.
You may also need the permission of the housing association (or the organisation which owns the remaining share in your home) before you take out a secured homeowner loan on your property.
To use your home to raise money at a competitive APR, please fill this homeowner loan form.
- Apply for Personal Secured Homeowner Loan Online: Pros & Cons
- Get Secured Debt Consolidation Loan. Great Rate. Top Lenders
- The Secret of Increasing the Value of Your House: the Addition of Extensions or a New Kitchen Funded Using Secured Home Extension Loans
- 5 Reasons Why Homeowner Loans Are a Great Low Interest Way to Borrow
- 5 Reasons to Clear Your Credit Card Debts with Secured Loan
- 4 Reasons Why a Secured Education Loan is the Perfect Consolidation Tool for Your College Student Loan
- 3 Reasons to Finance Your Career Development Using Medical Loans and Any Purpose Homeowner Secured Loans
- 6 Reasons a Secured Holiday Loan Is Great for Your Dream Trip
- Complete Secured Homeowner Loan Calculator
- 5 Reasons You Need a Fixed Interest Rate Equity Home Loan
- 5 Things You Never Knew About Self Cert Secured Loans
- 5 Things to Know About Adverse Credit Secured Homeowner Loans
- 8 Things You Should Know Before Financing Your Boat with a Homeowner Loan
- 100+ Self-Employed (No Proof of Income) Secured Loans (£5k-£2m)
- Get Bad/Poor Credit Secured Homeowner Loan Cheaply & Quickly!
- Debt Consolidation Advice? May be Secured Loans can Help You
- Remortgaging and Secured Loans Can Help You Solve Your Debt Problems Once And For All
- Starting a New Business? How Secured Homeowner Loans for Business Development Can Help Your Company Take Off
- Get Secured Home Improvement (Renovation) Loan Quick & Cheap
- Need a Loan to Pay for Your Wedding? 4 Ways a Secured Loan Can Help You Finance Your Marriage and Honeymoon
- Paying for Christmas Using a Secured Loan
- Buying a Holiday Home? Fulfil Your New Property Investment Dreams by Getting a Homeowner Loan or Remortgage Secured by a Low Interest Rate Loan
- 4 Reasons to Finance a Caravan / Motorhome with Secured Loan
- Double Glazed Windows, Garden Landscaping, House Repair and New Furnishings Are Easier Than You Think with a Secured Home Improvement Loan
- How a Secured Loan on Your Home Can Help You Buy Your New Car
- A Secured Homeowner Loan Can Help You Finance a New Truck, Van, Motorcycle, RV or SUV
- Get New Kitchen or Remodel Your Bathroom with a Secured Loan
- How a Secured Homeowner Loan Can Get You the Attic, Garage, Conservatory or Loft Conversion of Your Dreams
- Now You Can Travel and Cruise the World with a Secured Vacation Loan