Home owners in the UK have access to another source of funds that they may not have known about or considered. It’s called a home equity loan and it can be used for emergency medical bills, paying off credit card debt, vacations, home repairs or just about anything else you need. This can be a valuable tool in your overall financial strategy provided that you understand what it is and how it works. A home equity loan uses your home as collateral and allows you to borrow up to 100% of the value of your home – for example, if your home is worth £100,000 and you currently owe £40,000 then you would be able to borrow up to £60,000. The interest rate for your loan is based on your credit history and the length of the loan View the rest of this article
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