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Homeowner Loan

Not just for home improvements, if you own your own home you can apply for a Homeowner Loan - new kitchen, new car or even a new qualification.

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Family of three sitting on their front steps, with a child is on one adult's knee and the other adult sitting behind them.

At a glance: Homeowner Loan

What is it?

  • Borrow £200 – £15,000 with interest rates from 5.9% for up to 5 years.
  • With our Price Guarantee, if you are offered a cheaper loan elsewhere, we’ll beat it.
  • For new and existing members who own their own home, whether mortgaged or owned outright.

What can I use it for?

We’ll ask you for your loan purpose when you apply, but this is a loan for whatever you need a loan for.

Loan amount Repay over Standard APR
£200 – £999 6 to 24 months 42.6%
£1,000 – £5,000 6 to 36 months 19.9%
Loan amount Repay over Low APR*
£200 – £999 6 to 24 months 42.6%
£1,000 – £2,999 6 to 36 months 19.9%
£3,000 – £4,999 12 to 60 months 15.9%
£5,000 – £7,499 12 to 60 months 6.9%
£7,500 – £15,000 12 to 60 months 5.9%

*Reduced interest rates will be applied at point of loan decision to qualifying members.

Representative Example:

A loan of £3,000 with a monthly repayment of £124 per month, over a term of 29 months at a rate of interest per annum (fixed) of 14.85%.

This is equivalent to 15.9% APR Representative.

Total amount repayable is £3,587.37.

Key facts

  • Credit score – good+

    Your credit score needs to be good or better to apply for a Homeowner Loan.

    If you have a poorer credit record, a Family Loan or Savings-based Loan may be more suitable.

  • Member exclusive?

    No. If you are not currently a member, you can join then apply for a Homeowner Loan.

  • Save first?

    You do not need to save first for a Homeowner Loan.

Loan calculator

Use our loan calculator to get an idea of how much you could borrow and what your repayment terms could look like with a loan from us.

Representative example
APR 
Amount borrowed 
Total cost of credit 
Total amount repayable 
Monthly repayments
Duration 
 
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  • The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with South Yorkshire Community Bank.
  • All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding.
  • All information contained on this web page is correct at time of publishing. South Yorkshire Community Bank accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
  • All repayment values are inclusive of interest.

Key features

  1. Better rates for homeowners

    Our best value loans.

  2. With our Price Guarantee

    If you’re offered a cheaper loan elsewhere, we’ll beat it.

  3. You just need to own your own home

    Whether mortgaged or outright, your name must be on the deeds.

How does it work?

When you apply for our homeowner loan, we’ll ask you for proof that you are the homeowner, alongside the usual proof of income requirements.

As long as you are paying your mortgage or don’t have a mortgage on a home you own, you will gain access to our best rates, all of which will be confirmed by our team during the application process.

Smiling woman holding a keyring with a house on it.

What our happy members say

“It’s the personal touch that does it. You feel like a member, rather than a mere customer.”

Ian

Am I eligible?

All loans will be assessed individually, but as a minimum you will need to:

  • Own your own home – you must be named on the title deeds of the property
  • Be able to prove income of £800 or more per month (from salary, benefits or other income)
    for the last 3 months.
  • Not have had a Debt Relief Order of Bankruptcy order in the last 2 years.
  • Not be currently in an IVA.
  • If you are applying for a top up loan, have repaid at least 1/3 of any previous South Yorkshire Community Bank loan balance.

All credit applications are credit scored.

Application process

  • Apply Online

    Applying online is quick and easy and takes less than 10 minutes.

  • Decision Time

    Once we have received your completed application, including your bank statements, we will send you an expected decision date.

    Loans are currently taking 1 to 2 working days for a decision.

  • Payment

    If your loan is approved, we will contact you to let you know how to sign your loan agreement.

    As soon as you have returned your signed agreement to us, your loan money is usually sent to your bank account on the same working day.

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What you’ll need to apply

Make sure you have either:

  • Your last 3 months’ bank statements ready to send, OR
  • If you have mobile or online banking, you can give your bank consent to transfer your last 90 days of transaction data, using the secure link provided in the application

You may also need to send:

  • Proof of any income not showing on your bank statements
  • If you receive Universal Credits, a copy of your breakdown showing the elements you receive
  • If you are self-employed, a copy of your latest Self Assessment tax return

Get the app

Did you know you can manage your savings and loans with our app?

Scan the QR code on your mobile device to download the app now.

Google Play App Store

Homeowner Loans FAQs

Below you will find out most frequently asked questions about our Homeowner Loans. For more FAQs, explore our Resources hub.

If you don’t see the answer you need, just get in touch.

Applying For A loan

Can I apply for a top-up Homeowner Loan?

Yes! You are welcome to apply for a top-up loan once a third of the balance has been repaid.
For example if you borrow £3000 initially, you would need to pay off at least £1000 before applying for a top-up.

How is my loan interest rate determined?

Interest rates can vary depending upon how much you borrow (which is shown clearly in the tables on each product’s page) and your credit score.

Product Basics

I have a mortgage on my home – can I still apply for a Homeowner Loan?

Yes! Whether you have a mortgage or own your home outright, you are eligible to apply for our Homeowner Loan as long as you are named as either joint or sole owner on the land registry documents.

What is a Homeowner Loan?

To be eligible for a Homeowner Loan, you must be named as either a joint or sole owner of your home on the land registry documents. Typically, you can borrow more with a Homeowner Loan than most of our other loans, though this is subject to eligibility, affordability and credit check.

If you rent, either in private or social housing, or live with a partner/family in their home but are not named as an owner, you will not be eligible for a homeowner loan.

Can I use a Homeowner Loan for any purpose?

Yes! Our Homeowner Loan is not only for your home, this loan is available for any of the personal loan purposes listed on the application form. If you need a loan to start a business, please see our business loans page.

The house I live in is owned by my partner – am I able to apply for a Homeowner Loan?

No. Unfortunately, to be eligible for a homeowner loan, you need to be named as either a joint or sole owner of the property on the land registry documents. If you are not named, you could still apply for a different loan, or your partner could apply for a homeowner loan.

Terms & Conditions

All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian, which could affect your credit record if you do not keep up to date with your repayments.