Planning a new kitchen or extension? Ready to buy that dream car? Make your big plans happen sooner with our Home Owner Loan. If you own your home (with or without a mortgage), and are employed, you can borrow up to £25,000 at some of our our lowest rates.
Yes. Your Home Owner Loan from London Mutual Credit Union is separate from your mortgage. That means you can fund projects like a kitchen extension or loft conversion regardless of who your mortgage provider is.
Not at all. While many members use it for renovations or extensions, you’re free to use a Home Owner Loan for almost any purpose — from buying a new car to consolidating debts or funding a big life event.
You can choose a repayment period between 12 and 84 months. This flexibility allows you to keep monthly payments affordable, or to repay sooner if you prefer to reduce the total interest paid.
Yes, you can make extra payments or repay your balance in full ahead of schedule. Doing so may reduce the overall interest you pay, helping you clear your borrowing faster.
Unlike remortgaging, a Home Owner Loan doesn’t require you to switch your mortgage or pay legal fees. It gives you access to borrowing of £15,000–£25,000 at a fixed rate, with terms up to seven years, while keeping your existing mortgage untouched.
