Home Equity Loans – second mortgage

Paul Hockney asked:




Home equity loans are fixed rate home loans that allow you to tap into the money (equity) you’ve already invested in your home to finance debts or other purposes at a lower interest rate than most revolving credit options.

With house valuations increasing considerably over the last 10 years many UK homeowners are unaware of equity loans as a way of raising finance.

For example if you are a homeowner with a house valued at