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 FAQ
How much can I borrow?
You can borrow any amount from £10,000 to £250,000, depending the value of property and how much you can afford to repay each month. The loan can be over any time period from 5 to 25 years. If you need a large loan you should take loan for a longer period as this will minimize your monthly cash outgo
I have little or no equity in my property. Can I still apply for a loan?
Yes you can. We have plans available where you can borrow up to 125% of your property value, less your existing mortgage balance. In case you have little or no equity in your property loan will be granted on the basis ot your income and repayment capability
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Are there any restrictions on what the loan can be used for?
No, you can use the money from your loan for virtually any purpose. The choice is yours. The majority of our customers use loans raised through us to clear some or all of their existing credit or carry on home improvements. By taking the loan from us they reduce their monthly outgoings by getting lower interest rates and longer duration resulting in more manageable monthly payment. (See section on Debt Help Consolidation). Our home improvement loans help you increase the value of your property by carrying out home improvements at a low cost
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How much will my loan cost?
The loan cost depends on variety of factors :- the amount you wish to borrow, the repayment period, your income, your credit history and the value of the property that you are pledging as security.
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Will there be an upfront fees?
We don't charge any up-front application fees, set up fees or legal fees. Also if at some point in the future you decide to borrow more later, there'll be no up-front fees or set-up charges even then .
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What APR will I be charged?
Majority of our customers receive a rate that is less than 10 % APR. The APR is dependant upon your personal circumstances and the factors described above
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How does the variable interest rate affect my loan?
From time-to-time, your monthly repayments may go up or down in accordance with the interest rates decided by Bank of England.
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Is the application confidential?
Absolutely! Your loan application is treated in the strictest confidence. We will not contact your employers, bank or any other third party without your prior permission. You can get a quote from us which is no obligation without any records and any credit checks
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Will you contact my employer?
No. We would never contact them without your consent. If you have any pay slips and/or a P60, this will certainly not be necessary. If you cannot produce pay slips, we may ask your permission to obtain a brief reference from your employer, purely asking them to confirm your position, length in employment and your annual salary. We will not supply them with any details of your loan enquiry.
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I've had financial problems in the past. Can you still help?
Our financial expertise means we can even help if you've had problems keeping up payments in the past. We can arrange loans even if you have poor credit rating, have arrears or a county court judgement (CCJ) against you. In certain cases, but not always, an alternative interest rate may be offered. But it costs nothing to find out what we can offer you.
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I's there any option available to cover my payments in case of becoming ill or redundant?
Insurance protection may be available on some plans to offer peace of mind to borrowers. Insurance protection typically covers for life, accident, sickness, hospitalisation and involuntary unemployment (subject to terms and conditions). Subject to status - ask for details.
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Is it possible to borrow again in the future?
Of course. As long as you've maintained your regular payments, you could borrow more - even if you haven't completed your original loan. Just give us a call and we'll gladly provide a quotation for a further advance.
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Can I repay my loan early?
No problem. If you can afford to repay the loan before the anticipated completion date, it's to your advantage. The lender will calculate the outstanding balance in line with the requirements of the Consumer Credit Act 1974. Or where it falls outside the Act, this could be subject to an early repayment charge by the lender.
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I'm self-employed. Am I still eligible?
Most certainly. Generally, we'd like to see two years' accounts, but even without trading accounts we can often arrange loans.
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What if I move house?
In most cases Homeowner loan can move with you and the security is simply transferred to your new home otherwise Loans which are secured on the property are simply paid off from the proceeds of the sale. Just let us know if you're about to move and we'll advise you on your options.
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I have not been with my current employer very long. Am I still eligible?
You are, generally we like to see 3 consecutive pay slips, but even without these we can often arrange loans.
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I have just bought my property. Am I still eligible?
No problem, we are able to help with a private rent reference or even without we can often arrange loans.
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