Secured home equity loans rates are at their most competitive level for many a year in the UK. With the increase in home prices over the last 10 years or so, positive home equity has become a major player when it comes to personal finance. Today, home equity of between 100,000 and 200,000 is not unusual, especially amongst home buyers who purchased property when prices were at their lowest in 1995 / 1996.
Secured home equity loan rates vary between loan providers. On average, current home equity loan rates are between 6% to 9%, however if you apply for a home equity loan with your existing home loan provider, you may be able to secure additional borrowing on home equity at better rates. Additionally, if you have paid off your first mortgage and then want to borrow against the equity in your home – which could be the full value of your home if you have no other loan secured against it – then you will have an increased chance of obtaining preferential rates on the loan.
Why the difference in secured home equity loan rates?
Secured home equity loan rates are generally determined by the risk that the lender is taking. If a home owner is still paying...
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