Home improvements such as loft extensions, conservatories; personal spending on holidays, cars, boats; debt consolidation to pay off your credit cards and overdraft etc., to reduce your monthly outgoings... you may use your home owner loan for whatever purpose you choose? as long as it's legal!

A home owner loan is a loan that is secured against your UK property in the same way as your mortgage. It is sometimes referred to as a secured loan, second mortgage or a second charge, because in the unlikely event of your defaulting on the loan, the lenders are repaid only after your original mortgage has been repaid to the original lender who has first charge rights.

This short-term loan facility is provided in England and Wales and available for those who require funds for a limited period of time.

It includes open-ended bridging for a variety of purposes, including purchase before the sale of an existing property, renovation and adverse consolidation.

When should you consider bridging finance?

• To finance the home improvements required to get a traditional mortgage - e.g. 100% retention
• Repairing adverse credit, including bankruptcy, prior to a mortgage application
• Borrowing against the value rather than the purchase price (for bona tide reasons)
• Buying property at auction or as a limited, or offshore company
• To renovate dilapidated properties with a view to selling them
• Non-redemption of existing property for a short period - e.g. when moving job
• Borrowings can also be made on let properties with a view to refurbishment or to fund a further property purchase
• Help with cash flow as the monthly repayments
• Urgency - e.g exchange has taken place without an Offer