Borrowers advised to consider homeowner loans

Consumers wishing to avoid credit cards and other forms of unsecured borrowing could be well advised to apply for a homeowner loan, an industry expert has suggested.

Chief executive of MoneyExpert Sean Gardner claimed that homeowner loans offer prices which are just "as competitive as unsecured rates".

He added: "If you’re regularly getting refused credit take your time to research your options before reapplying."

Mr Gardner added that those looking to manage their personal loan borrowing should consult the internet as "there are many free tools online which can help you."

Contacting a debt management advisory service was also recommended "if your situation is acute".

Last month, Angela Knight, chief executive of the British Bankers’ Association, suggested that Britons are set to have access to greater guidance and protection on personal loan borrowing in the future, as the Banking Code celebrates its 15th anniversary.

Interfinancial providing you with breaking homeowner loans news.