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What are home equity loans?

Home improvement loans

Home equity loans enable you to borrow money against the value or 'equity' in your home.

The equity in your home is the difference between the saleable value of the property and the borrowing you have against it. For example, if your home is currently valued at £150,000 and you have £50,000 outstanding on your mortgage, the equity in your home would be £100,000. If you had paid off your mortgage in full, the equity would be £150,000.

Home equity loans enable you to raise money against this value in your home. People will take out a home equity loan because it enables them to raise money without having to sell their home, often helping them to consolidate debts, pay off credit cards or buy a car for example.

A home equity loan is a secured loan - lenders loan you the money secured against the value of your home. They are sometimes referred to as Homeowner loans. An alternative to home equity loans is home mortgage refinancing. This is where you typically increase your mortgage, taking some or all of the extra borrowing in cash.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

At Barclays we offer...

At Barclays, we can introduce you to home equity loans called Homeowner loans arranged by Freedom Finance.

Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Further details can be found at www.lendingstandardsboard.org.uk. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 312078).

Barclays Bank PLC. Registered in England. Registered no. 1026167. Barclays Insurance Services Company Limited. Registered in England. Registered no. 973765. Registered office for both: 1 Churchill Place, London E14 5HP. ‘The Woolwich’ and ‘Woolwich’ are trademarks and trading names of Barclays Bank PLC. Barclays Business is a trading name of Barclays Bank PLC.


 

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