Hi Linda,
Thanks for your email regarding homeowner loans. Your are right in your assumption that generally homeowners can get better loan terms than tenants most of the time. Homeowners are seen as a lower risk by lenders and will normally get offered a slightly lower interest rate providing they have paid back previous credit on time.
The longest term does vary from one lender to another but you could look to extend the term to as long as 20 years if it meant the repayment was more affordable for you although you will end up paying more back this way. If you want the loan unsecured the longest period would be 7 years and you would need sufficient income to show that you could afford the higher monthly payments that a shorter term would give you.
Why not apply online or call us on 0800 066 2882 and we’ll find the best options available to you so you can make a decision.
