Home Equity Line of Credit (HELOC)
Borrow flexibly against your home, just as you would with a second charge mortgage. Access funds as needed, paying interest only on what you use.
Specialists in HELOCs
Loans for home extensions, property improvements, loft conversions, debt consolidation, property deposit, business purposes etc
Up to 85% loan-to-value (LTV)
Award-winning service
Rated excellent on Google & Trustpilot
Check your Eligibility for a HELOC
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Simple, flexible borrowing from your home
We can guide you through your application - get access to market leading rates quickly & efficiently.
Our success stories
Through our market knowledge, we can deliver enhanced, bespoke or exclusive terms based on your requirements.
Capital raised
£300k
HELOC on Brighton house to fund renovations
Our client needed funds to complete renovations on his house in Brighton, now valued at £1.8M. But he had an excellent rate on his current lifetime tracker mortgage of base rate + 0.5%, which he understandably didn’t want to lose by remortgaging.
Capital raised
£250k
£250k HELOC with complex income
Our clients needed funds to manage a £125k family loan and support ongoing renovation costs. A HELOC allowed them to access funds gradually as needed, giving them flexibility while keeping their existing mortgage in place, even with a complex income situation.
Capital raised
£45k
HELOC to secure share option investment opportunity
A couple were offered an attractive stock option by their employer and, after taking independent advice, the opportunity was considered too good to pass up. A HELOC allowed them to access funds flexibly as needed, and in situations like these, some lenders are willing to take a flexible approach.
Be one of our success stories
Frequently asked questions
We're happy to answer any questions or queries you might have when it comes to your enquiry. Here are some that our other clients found useful.
What is a HELOC?
A HELOC is a flexible line of credit secured against your home equity, allowing you to borrow, repay, and borrow again up to an agreed limit, only paying interest on what you have drawn down.
How much can you borrow?
HELOCs are available for up to 85% loan-to-value (LTV), which means they can offer a credit limit as much as 85% of the entire home equity.
Where other debt already exists on the property, this will limit the HELOC accordingly.
What can you use a HELOC for?
There are very few limitations on the use of a HELOC, making it a flexible option for almost any purpose. Most homeowners use the equity in their property for significant expenses such as home renovations, cars and other major purchases, holidays, supporting family study, debt consolidation, or realising lifetime dreams.
What are the limitations of a HELOC?
While a HELOC is flexible, there are a few restrictions on how the funds can be used. You can’t use a HELOC for illegal activities, business purposes, gambling, or deposits on additional properties. During the application process, you’ll be asked to confirm how you intend to use the funds, and using them for restricted purposes would be a breach of your agreement.
Who is eligible for a HELOC in the UK?
In order to be eligible for a HELOC in the UK, you must be a UK homeowner with equity in your property. Like most home equity finance, a HELOC is considered second charge debt on the property, meaning it is secondary to the senior debt such as the primary mortgage.
For this reason, HELOC providers have to consider the extra risk implication if other finance is secured against the property. Homeowners with a 100% equity share in their property are significantly lower risk and will consequently benefit from improved rates.
Lenders of home equity finance, including HELOCs, will only lend to a maximum total of 85% LTV on the property as a whole and any existing debt will limit the credit available through the HELOC. This is seen in detail in the examples provided in the Understanding a HELOC section above. In some cases, approval must be given by the holders of any senior debt before a HELOC can be applied.
Lenders will also fully assess your creditworthiness to be assured you can repay the line of credit facility. This will involve evaluating your credit history, your income, and your current debt-to-income ratio.
Why Clifton Private Finance?
We are experts in mortgage finance. Our advisers are confident in managing the complexities associated with second charge mortgages.
We can help you:
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Understand what kind of mortgage you're eligible for and how much you can borrow.
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Feel comfortable with how the process works and any costs you will face.
On your behalf, we can:
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Compare rates across the entire market (from private lenders to high street banks)
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Negotiate the best deal for your circumstances
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Guide you through the application process
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Help you arrange your valuation(s)
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Liaise with your solicitor to sort the paperwork
James M
Put simply, they are worth every penny, will take most of the stress out of the lending process, and seem to have access to deals that you just won't find on the internet.
