Homeowner Loans from Alliance and Leicester
Alliance and Leicester now offer secured loans for homeowners in addition to their ordinary unsecured personal loans, with the advantage that customers can borrow a larger amount over a longer period of time.
You can borrow up to 85% of the value of your home, or a maximum of £50,000.
The rate is a very competitive 7.9% typical APR, but acceptance may be lower than with other companies as A&L operate a 'responsible lending' policy where they are very careful about checking whether the borrower doesn't take out more than they can afford.
Finally, you can repay the loan early if you want, and there's no valuation or other setup fees to pay.
A&L Secured Loans Summary
- 7.9% typical APR
- Borrow up to 85% of your home's value
- Maximum loan of £50,000, minimum £5,000
- Choose a repayment term of between 5 and 25 years
- No valuation or setup fees
- Responsible lending policy to ensure customers don't borrow more than they can afford
- Flexibility to repay early
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