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2008-01-15 00:08:43
How Much Can You Borrow with a Secured Homeowner Loan?
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 So you have decided that you are going to borrow money against the equity in your home and take out a secured homeowner loan. You want to borrow money to finance the renovations of your home. You want to renovate your kitchen, all of your bathrooms and add a new addition on to the back of the house. This will all be very expensive, so your main question is: how much money will you be able to borrow?
Now, there are two answers to that question. First, there is the maximum amount of money that most secured loan lenders will lend you. For many, this maximum is 100k pounds. You may qualify to borrow more, but most lenders will cap their loans at 100k, although if you need to borrow more, there are some who will lend you as much as 500k pounds.
Now the real question is: how much money will you be eligible to borrow? To determine that number, you must perform this simple equation:
Appraised Value of your Home
Multiplied by 1.25
From this number, subtract your total mortgage outstanding
The number that you are left with will be the maximum amount of money that you would be able to borrow from most lenders.
So if the value of your home is 100k pounds and you have a 50k mortgage left on the property, then you would be eligible to borrow 75k pounds in most cases (100k x 1.25 - 50k)
Before you apply, try to figure out roughly how much you would like to borrow, just so that you don't borrow too much or too little.
Apply for a Lending Place secured loan today!
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Get Your Free Loan Offer Today - Click Here
There is NO FEE and you are under NO OBLIGATION!
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Applicants with bad credit history, Mortgage Arrears, Missed payments or CCJs are welcome.
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