Non homeowner loans are the amount procured without offering any valuable asset like house as collateral. For non homeowner loans only option present is unsecured loans and is available for amounts ranging from £500 to £25,000 for any purpose use like new car investment, home improvement, dream holiday etc. It implies this loan can provide you an extra peace to your mind even if you cannot afford to secure any thing. Also your payment can be protected on account of illness or any other reason and is inexpensive as well. As few lenders provide you with the facility that this loan is added to your repayments itself, though it is not mandatory but varies from lender to lender. Repayment time period varies from 3 – 25 yrs. the average interest rate for non homeowner loans generally varies from 7.7% to 18.3%.
Non homeowner loans-Key Features
As the loan seekers will have no home as guarantee the interest rate will certainly be high, though regular payments will improve your credit rating which will certainly help you in future for another loans or mortgage. As already mentioned you can use the cash for any purpose. Like debt consolidation, home improvements, car purchase or holiday trip. In debt consolidation you can make one single payment every month. Many cases might be there which might not favour you for loan accessing like any Council Property or Housing Association property, or might be your job might not be allowing you to keep your own property as collateral.
These all cases are taken in account; the flexibility varies from lender to lender. Some lenders even provide money to persons with some Adverse Credit History and Independent Financial Processors, which are really beneficial and should be searched for.
Non homeowner loans-terms and conditions:
The eligibility criterion is minimum age of 18 and employed either full time or self employed for at least 3 months. Apart from this you should have lived at your current address for atleast 3 months as well as you must not have been declared bankrupt. General questions frequently asked during loan approval are like if your employment currently offers any salary or not, at your current address you are living for 12 months or not, have you got your own UK bank account, got a credit/score card and saving account and keep regular payments, you are not a bankrupt or don’t have any CCJ’ s or rent arrears. Note that chances of getting the loan will certainly shoot up if your answer is affirmative.
Always note while applying for non homeowner loans that you have properly distributed the amount to all your needs and requirements and have planned out the repayments because any delayed installment will adversely affect your credit history, which in no case will be favorable for your future loan necessities . Summing up, non home owner loans are there for taking if you are either a tenant or are not willing to provide your house as collateral. You are free to use the amount according to your wish.
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