Home Equitiy Loans from Pink Loans
Home Equitiy loans are like second mortgages secured against your property. They can be used for home-improvement, paying off other debts or even a holiday. Bear in mind, that should you fall behind with the payments, because the loan is secured on your home, the lender will have the option of foreclosing on your home. Home Equitiy loans are usually cheaper than unsecured loans, as the lender has the security of your home.
To calculate how much equitiy there is on your home, subtract any existing mortgages or secured loans from the actual realisable value of your home, if it were put on the market today. For example, if your home is worth $150,000 and you already have a mortgage of $100,000, then you have equitiy of $50,000 or 33%. Some lenders may be prepared to lend you up to 95% of the value of your property.
Recommended Home Equitiy Lenders
We've hand picked a few lenders who we believe offer a good mix of loans to suit different needs. All the following can provide you with quick quote simply by filling out their online quotation. You are under no obligation to go any further with the loan application, and your details are always kept confidential.