Two tests for eligibility
Lenders check both that you have enough equity and that you can afford the repayments. This calculator covers affordability; use the home equity value calculator to check the equity limit.
Worked example
£350 a month at 7.5% over 10 years would repay about £29,485.66, with £12,514.34 of interest.
Before you borrow
Your home may be repossessed if you don't keep up repayments on a loan secured on it.
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Inputs for the home equity loan eligibility calculator
Monthly payment you can afford
What you could comfortably repay each month after your other outgoings.
Interest rate (per year)
The annual interest rate on your loan. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'd repay over. A longer term lets you borrow more for the same payment but costs more interest.
CALCULATOR QUESTIONS
Home equity loan eligibility calculator questions
Am I eligible for a home equity loan?
You need enough equity and to pass the lender's affordability and credit checks.
How much could I repay on £350 a month?
At 7.5% over 10 years, about £29,485.66.
Does a longer term help?
It lets you borrow more for the same payment but costs more interest.
What's the risk?
Your home may be repossessed if you don't keep up repayments on a loan secured on it.