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What is a Homeowner Loan?
A Homeowner loan is a loan that is linked to a property that you own “a mortgage behind a mortgage” they can be useful to leverage your home to get more money but also carry some risk as if you stop paying your debts it is possible they will reposes your home in the worst case scenario. The Criteria for getting a Homeowner Loan has changed since the Crash in 2008 making getting one on a Shared Ownership Property harder.
Homeowner Loan on a Shared Ownership Property?
Since the Crash in 2008 the criteria for a loan of this sort has been tightened so less creditors are offering Homeowner Loans on Shared Ownership Houses but some still are especially if you own a reasonable amount of the property as of course this is the leverage. They work the same as other Homeowner Loans but the amount will be different as it relates to the mortgage and amount you own, for example: If you own half of your shared property but have a mortgage for 25% of this amount then you will only be able to get a loan for the cost of 25% of that property. You may also need permission from the Housing Association to get a Loan like this and it is likely the interest rate will be higher than most other Homeowner Loans.
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