Lowest Rates for Home Equity Loans – Complete Analysis
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For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
Are you curious about home equity loans? You’re not alone. Every month, over 6,900 people visit our website looking for guidance on these secured loans.
This article is here to help you understand:
- What a home equity loan is
- The true cost of a not-so-good home equity loan
- How a home equity loan can be used
- The good and bad sides of a home equity loan
- The common time to pay back a home equity loan
We know that it can be tricky to understand all the details about home equity loans. But don’t worry; we’re here to make things clear and help you make the best decision for your situation.
What are the lowest home equity loan rates?
At the time of writing the lowest home equity loans and HELOCs have an interest rate of around 2%.
With a home equity line of credit, the interest rate is variable and may dip below this figure in some circumstances for a period of time while you repay the loan.
Lender |
APRC |
Monthly payment |
Total amount repayable |
|---|---|---|---|
| United Trust Bank Ltd | 5.09% |
£217.17 |
£26,060.42 |
| Equifinance | 5.65% |
£218.14 |
£26,177.08 |
| Selina | 6.34% |
£219.34 |
£26,320.83 |
| Pepper Money | 6.86% |
£220.24 |
£26,429.17 |
| Together | 7.2% |
£220.83 |
£26,500.00 |
| Norton | 7.61% |
£221.55 |
£26,585.42 |
| Masthaven | 8.25% |
£222.66 |
£26,718.75 |
| Evolution | 10.56% |
£226.67 |
£27,200.00 |
| Loan Logics | 11.2% |
£227.78 |
£27,333.33 |
Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable. Typical 10.8% APRC variable.
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