Great rates for individuals who own their home
Whether you have a mortgage or own your home outright, our Homeowner Loans are available to you at low interest rates.
Our Homeowner Loans aren't just for home improvements, you can apply for almost any purpose. So whether you are looking for a new car, a new kitchen or a new qualification, our Homeowner Loans could be the way to finance it.
Our Homeowner Loans also come with our Price Guarantee - so if you are offered a cheaper loan elsewhere, we will beat it. For full details see our Price Guarantee page.
How much can you apply for?
| Borrow | Repay Over | Interest Rate |
|---|---|---|
| £200 - £999 | 6 to 24 months | 42.6% APR |
| £1,000 - £2,999 | 6 to 36 months | 19.9% APR |
| £3,000 - £4,999 | 12 to 60 months | 15.9% APR |
| £5,000 - £7,499 | 12 to 60 months | 6.9% APR |
| £7,500 - £15,000 | 12 to 60 months | 5.9% APR |
Key Features
- Apply straight away – no need to save first
- Affordable repayments over a term of up to 5 years
- Available for almost any purpose (not just home improvements)
- No set-up fees and covered by our Price Guarantee
- No early repayment fees if you want to settle the loan early
Eligibility Criteria
You can apply for this loan if:
- You are a homeowner (named on the title deeds of the property)
- You have a regular income of at least £500 per month, or equivalent
- You are not currently in an IVA
- You have not had a Debt Relief Order or Bankruptcy order in the last 2 years
You can apply for a further loan (top-up) when:
- You have repaid at least one third of your initial loan balance
Before You Apply...
Either make sure you have your last 3 months' bank statements ready to send
OR if you have mobile or online banking, you can give your bank consent to transfer your last 90 days of transaction data, using the secure link provided in the application
You will also need to send:
- Proof of any income not showing on your bank statements
- If you receive Universal Credits, a copy of your breakdown showing the elements you receive
- If you are self-employed, a copy of your latest Self Assessment tax return
What Are Your Chances?
- You are More Than a Score to us, so we won’t make a decision just based on your credit score
- If applying for more than £1,000 you will have a better chance of your loan being approved if you have a good recent credit record (e.g. not missing payments elsewhere, no recent defaults, no outstanding County Court Judgements etc.)
- You will be less likely to be approved for a Homeowner Loan if you have missed any payments on your mortgage in the last 6 months
Frequently Asked Questions
Whether you have a mortgage or own your home outright, you are eligible to apply for our Homeowner Loan.
Unfortunately not - you need to be named as either a joint or sole owner of the property on the land registry documents. If you are not named, you could still apply for our Progress Loan, or your partner could apply for a Homeowner Loan.
Yes! We accept employment income and benefit income. As long as you receive a minimum of £500 per month in total, and can supply proof of all of your income.
Yes! Our Homeowner Loan is not only for your home, this loan is available for any personal loan purpose. Please be aware we do not offer business loans.
Yes! You are welcome to apply for a top-up loan once a third of the balance has been repaid.
For example if you borrow £3000 initially, you would need to pay off at least £1000 before applying for a top-up.
Yes. We offer a paper loan application. You can request one by calling our telephone helpline or emailing our admin team. We will then send your loan application in the post. Alternatively you can collect one from our office.
Alongside your application form, we will also need the following:
- Your most recent three months' bank statements.
- If you receive Universal Credit, a copy of your payment breakdown, showing the elements you receive and any deductions.
- If you are Self-Employed, a copy of your most recent self-assessment tax return, or a letter from your accountant confirming your income.
- If you have any other income not shown on your bank statements, proof of income - such as a wage slip if you are paid in cash, or letters for any benefits or pensions.
Calculator
APR 17.5%
I'd like to borrow (£200 - £15000)
Over a period of:
Representative example
- The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with Sheffield Credit Union.
- All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding.
- All information contained on this web page is correct at time of publishing. Sheffield Credit Union accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
- All repayment values are inclusive of interest.
All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian which could affect your credit record if you do not keep up to date with your repayments.