Do you need a loan, but have little or no savings? Are you a homeowner? Then we may be able to help you with a Homeowner Loan. Our interest rate for this type of loan is 2% per month (26.82% APR) and amounts and terms are negotiable depending on your requirements. See the slider below for an illustration of the sort of package we could put together for you.
A Homeowner Loan is our offering specifically for homeowners over 21 years old and having at least 3 years before reaching pensionable age. The interest rate on this type of loan is 2% per month/24% flat per annum (26.82% APR). To qualify for this low interest loan, you must have held title to a property for at last 3 years; if you rent, unfortunately you cannot apply. You must also be over 21 and have been in the same salaried employment for at least 3 years; self-employment does not qualify. And you must have a fair credit rating. It does not require any pledged savings and is often referred to as "capacity-based" in that the amount we lend is based on a person's capacity to make the necessary repayments. We reserve the right to apply to a Credit Checking agency for a credit reference, but please don't assume that you will be refused just because you have a poor credit history.
We can pay your loan advance by cheque into your personal bank account, by cheque for cashing at a branch of the Co-operative Bank, by cheque for cashing at a Post Office with which we have an arrangement (a charge will apply), by Faster Payment directly into your bank account or by loading the value onto a Prepaid Debit Card.
To apply for a Homeowner Loan, click the button below, print the form and fill it in as fully as possible. Alternatively, forms are available at any of our Service Points.
- Highly-tailorable loan for homeowners
- Do not need to attach savings
- Must be over 21 years old and at least 3 years from taking pension
- Must have had same salaried employment for 3 years
- Loan terms negotiable with underwriters
- No arrangement fee
- No penalty for early settlement
- Overpayments welcome
- Weekly, fortnightly or monthly repayments
- Covered by Life Insurance
Terms and Conditions
- Applicants must be at least 18 years old.
- The credit union reserves the right to refuse any application and to refuse a loan for certain purposes.
- As part of the approval process, we may require proof of income such as (but not limited to) bank statements for the previous 2 months.
- You agree that we contact a Credit Checking agency to check your credit worthiness as part of the loan application process.
- In the event that you default on your loan, details of such default or defaults may be passed to credit reference agencies, debt recovery agencies, and the courts. In such circumstances we may disclose details of your account and any other matters relating to your account to any credit reference agency.
- You agree that should you fail to make any repayments due under this agreement or become insolvent, the total amount outstanding may immediately become repayable (unless agreement on payment mechanisms can be agreed between us).
- You also agree that we will pass on to you any costs incurred in collection of overdue payments including the costs associated with any legal action we may take.
- In signing the Loan Agreement you agree that, should repayments on the loan fall into arrears, all current and future savings in all share accounts deposited with the credit union up to the value of the outstanding loan may be used to offset the debt.
- I agree that, if I default on repayments, information about my loan may be passed onto the Department for Work and Pensions for their consideration of deductions from the benefits that I am or will be entitled to.
- We may terminate the Loan Agreement and demand immediate repayment of all sums due if:-
- You fail to keep any part of the Loan Agreement
- You have given us false or inaccurate information in connection with the Loan Agreement.
- Statements are available on request. We will provide statements either by post, in an office or at a service point. You must inform us immediately of any incorrect item on your statement.
- The interest rate for a Homeowner loan is 2% flat per month, 24% flat per annum calculated daily (26.82% APR).