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If you need access to funds and are keen to borrow some money , and if you own your own home , you might find that a house owner loan is for you. Home owner loans are also named a second charge, or a second mortgage, and are a form of credit when the amount borrowed is secured against your home . Accordingly , should you be unable to repay the loan, the bank who stumped up the funds to you'll be able to push through a foreclosure on your house so that they can extract their funds from its sale . Because of the safety you're providing to the credit provider, a property owner loan will usually be available at a cheaper rate than an unsecured amount could be, or alternatively you could be be lent a larger sum when receiving a house owner loan than you might have been if the loan was unsecured. On account of the security which you offering up when taking out property owner loans, you should always keep up your repayments , as failing to do so can cause your house to be sold against your wishes. If you do find yourself struggling to meet the repayments on a homeowner loan, you must speak to your bank as early as you can- it's costly for lenders to foreclose on home-owner loans, consequently they can often far prefer to negotiate with you and show some flexibility , than simply sell your house without warning. When looking at house owner loans, in common like with any fiscal merchandise, you would be well advised to look at the various home owner loans in the market , looking at the range of APRs out there . The best way to do this is usually to make use of a comparison website . These are online portals that enable a would-be borrower to enter their circumstances and the sum of cash they're looking to borrow, and usually how much they are capable of paying back on a monthly basis , and after that to look at each of the homeowner loan which are available to them, and choose the specific homeowner loans that most matches them and their individual needs. Prior to trying to find a home-owner loan, you must be certain of the amount of your house that you own. This also is known as your collateral, and is the name given to the difference amongst the resale value of your residence and the value of all the other credit that is already secured against it . For instance, maybe your home is valued at £150k and you owe £130k outstanding on your mortgage. This means that you have twenty thousand pounds of value in your property and may be able to find a property owner loan or home-owner loans for anywhere up to £20k .