Simple. It’s a loan that is secured against your property. And that means you can potentially borrow more than if you were to take out an unsecured personal loan. You could also reduce your monthly repayments by more than half. This is achieved by spreading your loan over a longer period of time. By doing this, your overall interest payments will increase.
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Frequently Asked Questions
What exactly is a homeowner loan?
Do I need to have a mortgage with Barclays?
What happens if I make an early repayment?
Will my loan have the APR advertised?
Will the APR change as I'm paying off the loan?
Why is there an arrangement fee charged to the loan?
What exactly is a homeowner loan?
It's a loan that is secured against your property, giving you a higher borrowing potential than you might be able to find with an unsecured personal loan. A homeowner loan is good news if you'd like to consolidate your debts or fund a major project as you could reduce your monthly outgoings and get your plans off the ground. You can also spread the repayments out over a longer period of time – anything from 5 to 25 years in fact – so your monthly repayments are affordable, although the overall interest payment will increase.
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Do I need to have a mortgage with Barclays?
You need to be paying a mortgage on your home, but you don't have to be an existing Barclays mortgage customer to be able to apply for a Secured Barclayloan.
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What happens if I make an early repayment?
If you settle your loan early, an early repayment charge will apply during the loan period. A rebate of charges will be calculated in accordance with a formula laid down by consumer credit regulations. This calculation provides some
compensation to us, by way of interest, for your loan being repaid early.
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Will my loan have the APR advertised?
Special introductory offer 4.9% for 90 days, followed by a rate of 8.6%. The overall cost for comparison is 8.5% APR. This offer can be withdrawn at any time. At least two thirds of our customers will get this rate. The actual rate available will depend upon your circumstance.
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Will the APR change while I'm paying off the loan?
The interest rate is variable. This means that, like most mortgages, your rate could go up or down. It's charged on the outstanding balance calculated daily from the date the loan is drawn until repaid in full, debited monthly in arrears.
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Why is there an arrangement fee charged to the loan?
No arrangement fee applies to the current special introductory offer. An arrangement fee may apply to future product offerings.
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Still have questions?
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