Glossary

125% secured loan – This is a secured loan where you can borrow 125% of the equity you have in your home. For example, if your home is worth £100,000 and your outstanding mortgage is £80,000, you have £20,000 equity in your home. You could therefore borrow £25,000 with a 125% secured loan.

homeowner loan – A homeowner loan is a loan where your home is a guarantee for the loan. This means the lender can repossess your home if you can’t afford to pay the loan back. In return, the lender will allow you to borrow a larger amount of money than an unsecured loan.

negative equity loan – This is a loan where you borrow more than the amount of equity you have in your home. See the 125% secured loan definition above for an example.

no equity loan – If you have little or no equity in your home, you can still borrow money with a 125% secured loan (see example above). A no equity loan is simply another name for this.

secured loan – A secured loan is a loan where you use your home as collateral for the loan. If you fail to make repayments over a certain period of time, the lender can take possession of your home, although in reality this almost never happens. As the lender has your home as security, they are able to offer more attractive interest rates and can also lend you much more than an unsecured loan. Read more

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