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Lloyds TSB Homeowner Loan

The Lloyds TSB Homeowner loan gives you a higher borrowing limit than the supermarkets, but that's because it's secured against your home. The products are complicated and only really competitive for existing customers. For smaller loans, go elsewhere.

Lloyds TSB Homeowner Loan examples (correct at publication date, uninsured):

  Monthly Repayment APR
£3000 across 2 years N/A N/A
£5000 across 5 years N/A N/A
£10000 across 7 years N/A N/A

For starters, unless you're already a Lloyds TSB customer (and registered for internet banking), you'll need to go to a branch to get a loan. Lloyds is way behind the crowd in this respect.

What to do next depends on your circumstances. The Lloyds TSB Homeowner Loan (or "formal" loan… what on earth is an informal one?) is for large sums: £25,000 to £50,000, payable across up to 20 years. As these are secured against your property, they attract a lower (but not necessarily fixed) rate of interest than an unsecured loan. Rates are individually assigned, something that seems rather odd given that you're offering the security; and again you'll need to go to a branch to sign up.

Unlike a mortgage, there are no redemption penalties, but before buying a Lloyds TSB Homeowner Loan, why not see whether a second mortgage would be a more economical option?

If you want the usual £1000-£25,000 loan amounts, then the Lloyds TSB Homeowner Loan isn't for you. They instead have several other products whose rates depend on what sort of customer (standard, Select, Gold or Platinum!) you are. I think these classifications are derisory, but high street banks like to put us in boxes like this. Rates for Platinum customers start at 8.7%- which makes you a platinum fool not to check out the supermarkets first.