FAQs About Homeowner Loans

Looking for answers to FAQs about homeowner loans? As a homeowner looking to finance repairs or improvements to your home, you may be curious about how this type of loan works. In this article, we’ll answer some of the most frequently asked questions about homeowner loans offered by Lendology, a social enterprise that re-invests profits back into the community.

How do homeowner loans work?

To apply for a homeowner loan with Lendology, you must be a homeowner. We will complete a no-obligation financial assessment with you to determine whether you are eligible for a loan, how much you may be able to borrow, and the duration of the loan.

Lendology offers fixed interest rates with no overpayment charges, which means that you are welcome to overpay on your loan at any time, without facing any early repayment penalties. Our maximum loan term is 15 years, and your case manager will discuss the term and monthly repayment best suited to your needs.

Our loan calculator can also support you to work out your monthly repayment.

Missing payments could affect your credit rating and ability to obtain credit in the future. Loans are subject to status and are typically protected by a Title Restriction. This means that you may not be able to sell your home without our permission unless the loan is fully repaid.

What types of homeowner loans does Lendology offer?

Lendology offers a range of homeowner loans to suit different needs:

Home Improvement Loans: for homeowners needing to make essential home repairs such as roof replacements, electrical or plumbing works, or structural repairs.

Energy Efficiency Loans: for people looking to improve the energy retention of their homes, for instance by improving installation or installing double or triple glazed windows. 

Renewable Energy Loans: for eco-conscious homeowners who want to install renewable technology to reduce the carbon footprint of their home. 

Empty Property Loans: These loans support owners to bring empty properties back into use.

Landlord Loans: If you are a landlord who needs to meet the Minimum Energy Efficiency Standards (MEES) or fund general property repairs or improvements, our landlord loan scheme may be a good solution.

What makes Lendology different from other lenders?

Lendology is a social enterprise, which means that any profits we make are re-invested into the local community.

Lendology offers a fixed interest rate to all customers, regardless of the amount you borrow or your circumstances. Lendology’s priority is to make sure that you get the funding and support you need throughout the application process, without impacting your credit score.

In conclusion, Lendology’s homeowner loans offer flexible terms, fixed interest rates, and a range of options to suit different needs. Whether you’re an eco-conscious homeowner or need to make essential home repairs, Lendology may be able to help you finance repairs or improvements to your property. If you have any questions, don’t hesitate to contact Lendology’s team for support.

To apply for a loan, visit our application page today. https://www.lendology.org.uk/apply-now/