FAQs

Frequently Asked Questions

Loan Frequently Asked Questions (FAQs)

• How much money am I able to borrow?

You can normally borrow up to 85% on the valuation of your house. In some circumstances, this figure can increase to as much as 125% Loan to Value (LTV).


• Can instant secured loans be used for debt consolidation?
Yes you can. This is one of the most popular reasons, as you can reduce your monthly debt repayments by as much as 50%, making your debt much more manageable.



• I am interested in buy-to-let. Can I use my loan for a deposit on another property?


Yes you can. You are able to used the funds for almost any purpose (within reason - a hot tip on the horses is not likely to go down well!).


• Will a credit search be conducted by the lending company?


Yes, they have to do this to help them decide whether or not to proceed.


• Will a valuation or survey have to be done?


Yes, the lender has to be sure the house is worth roughly what you say it is but this will be paid for by the lender. They are really checking that you haven't got carried away e.g. is your house a work in progress with no running water and a wall missing!?


• Will I have to pay any solicitors fees up front


No, again, these are usually paid for by the lending company.


• Am I able to get a fixed interest rate for my self ceritifed homeowner loan?


Yes, you can.


• If I am in a position to pay off the loan earlier than expected can this be done?


Yes you can. There may some redemption fees to pay so double check when you speak to your loan broker.


• What period of time is a self cert loan over?


They are usually from 3 to 25 years.


• If I am borrowing less than £25k, do I have to wait for the 7 day cooling off period to end?


Yes that's right, there are strict regulations which must be adhered to. However, you are free to contact your broker whenever you want, even during the 7 day period.


• My house is about to be repossessed! Can I get a loan to stop this going ahead?


Yes, but you need to act quickly! Don't ignore it, hoping that it will go away. We CAN help!


• Can I still get a loan if I have no accounts even though I'm self-employed?


Yes, you can!


• I am a contract worker and can't provide regular pay slips. Can I still get a loan?


Yes, all you need to do is to "self-declare" your income.


• Am I still able to get a loan if we live in a shared ownership property?


Yes, this will not be a problem.


• Am I able to get a homeowner loan if I am a discharged bankrupt


Yes, you can apply for a loan the day after you are discharged from bankruptcy. Don't forget to get get proof that your bankrputcy has come to an end though!


• Can I get a loan if I am in an Individual Voluntary Arrangement (IVA)?


Yes, we will just need to confirm a few things such as how long you have left on the IVA, how much equity you have in the house etc.


• Am I able to get an interest only loan?


Yes, but this is not recommended and is not widely available.


• Do I need to provide accounts if I am going to self-certify my income?


No, but the more supporting evidence you can provide, the lower your interest will be.


• Do I need to be self employed for a cerain amount of time before I can go for a self certification loan?


No, there is no minimum time requirement, but again, the more supporting evidence you can provide the better.


• If I go for a self-certified loan, will this mean a higher rate of interest on my repayments?


Yes, this is because the lender will be taking a bigger risk. This is why it is beneficial to provide as much supporting evidence as possible.


• Do I need to be self employed to get a self certified loan?


No! Many people have irregular income. For example, you may get bonuses or commission or you may have more than one job.


• Will I need an accountant's certificate for a self cert loan?


No, this is not essential. However, the figure you quote should be an accurate reflection of your true income. Don't be tempted to over inflate your true income as you may find if difficult to maintain the agreed repayments.