Yes, you can get an unencumbered remortgage on a house you own outright. The term “unencumbered remortgage” is used for mortgages that are placed on a mortgage-free property. If you own your house outright and want to remortgage, you’ll usually be able to do this […]
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After repossession, the lender will then try to sell the property. The majority of lenders will try to market the property with an estate agent, however, to make a quicker sale, the house may instead be sold at auction. Lenders will sell the property that […]
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Yes, if you do not repay your secured loan you will be at risk of repossession. However, repossession of a borrower’s property is a last resort. The lender will try to get in contact with you beforehand and give you plenty of time to make […]
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Yes, you can sell your house if you have a secured loan against it, however, you’ll usually need to pay the loan back in full before moving. A secured loan can be a great borrowing option for those who are prepared to use their valuable […]
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Yes, you can pay off a secured loan early, but you may get early repayment fees for doing this. The early repayment fee could be equivalent to 1-2 months’ interest, however, even with these fees you might still save money on the overall interest accrued. […]
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With equity release, you can borrow 20%-60% of your property’s value. The precise amount you’ll be able to borrow will depend on various different factors; for example, if you’re around 55-65 the amount you’ll be able to borrow is closer to 20%, but the older […]
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Yes, you can make early repayments on a secured loan. Making early repayments on any type of loan could help you bring down the total cost of borrowing. However, this is not always the case, and will be dependent upon your borrowing situation – e.g., […]
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If you can’t repay your secured loan, the following can happen: Negative impact to your credit score Late fees charged Property could be repossessed Hard to get finance in the future A number of fees and penalties can occur if you fail to repay your […]
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Yes, you can get a secured loan with a bad credit history – and this is often a popular choice if you have been declined for a traditional unsecured loan. With a secured loan, a lot of the eligibility is based on what you are […]
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The best rates for secured loans start from around 3.34% APRC – and to access these rates will depend on factors such as your income, credit score, the value of your property and the equity in your property. Every secured lender is different and will […]
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Yes, it is very possible and very common to buy a house using a bridging loan. Using a bridging loan essentially makes you a cash buyer, so they are often used to help complete a property deal much faster and you can avoid property chains […]
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Yes, equity release is a safe option to consider, regulated by both the FCA (Financial Conduct Authority) and the Equity Release Council. This means you can rest assured that the industry is properly managed by not one but two reputable regulators. All brokers, lenders and […]
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With equity release you can borrow around 20% to 60% of the value of your home with a lifetime mortgage, or as much as 80% to 100% of the property’s value if it is a home reversion scheme. Equity release is commonly used to release […]
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No, it is unlikely that your credit score will impact your eligibility for equity release. That being said, the lender will still conduct a credit check on applicants as part of the equity release application process. While your credit score may not be an important […]
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Yes, you can certainly take out equity release if you still have a regular mortgage outstanding – and this is very common too. You will be able to use an equity release mortgage to release cash that is tied up in your home and typically, […]
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Equity release is an increasingly popular way to release cash that is tied up in your home. For people over 55, it can offer an important injection of cash to maintain a good quality of life or be used for things home improvements, to top […]
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Yes, it is possible to be approved for a bridging loan, even with a bad credit history, defaults or CCJs on your credit file. Bridging is a form of secured lending, so provided that you have a valuable property or opportunity in the pipeline, there […]
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A bridging loan can take between 2 to 4 weeks to complete and be funded, although some projects can take several weeks or months depending on various property checks and other delays. Bridging loans are often used to complete on properties within a tight deadline, […]
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Bridging loans start at around 0.44% per month, but the typical interest rate charges is around 1% per month, with loans ranging from around 3 to 24 months in total duration. There are various fees involved during the application process including arrangement fees, broker fees, […]
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A secured loan can take around two to four weeks to complete and it is often funded within a matter of hours or days once approved. Some lenders may be able to complete on secured loans quicker than others, but the reason that it takes […]
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Yes, your credit score will matter if you are looking to be approved for a secured loan. However, there are other factors that lenders will take into consideration such as your income, employment status and the value of your property that you are using as […]
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When applying for a secured loan, because it is secured against a property or valuable asset, you typically need to provide the lender with some key documentation as proof of income, ownership and affordability, including: Proof of identity (passport, drivers license) Proof of employment […]
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When you die or go into long-term care, your equity release plan will be complete and your beneficiaries or the executors of your will are required to repay the entire loan sum and interest to the provider. The average equity release provider will give you […]
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Yes, you will absolutely be able to leave inheritance for your children and grandchildren if you are taking out an equity release mortgage. With an equity release product you are releasing money from your home (around 20% to 60%) and using this towards things like […]
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Typically, you will not lose your home from taking out an equity release plan and the Equity Release Council has strong rules in place to prevent this and to ensure that your home is always yours. However, there are some certain circumstances where your home […]
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Yes, if you take out an equity release plan, you can still maintain ownership of your home. With a lifetime mortgage product, which is the most common type of equity release, you will still retain ownership of your home, flat or property and can continue […]
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There are various different reasons why a loan application can be declined, from not meeting the age, income or credit status requirements. It is important to know that every lender is different and although you were declined with one, does not mean that you will […]
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If you’ve looked for a loan before, you’ll have come across the term ‘APR’, this being used for loans, mortgages, car finance and credit cards. The APR on products can help prospective borrowers find and compare the right personal loans for them. But what exactly […]
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With stricter lending criteria coming into place and a boom in digital technology, the UK is experiencing a huge demand within the loans industry – many now looking to apply for a loan online. Lending giants such as Wonga, QuickQuid and more have recently fallen […]
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The phrase “Subject to Status”, when applied to a loan, means that the success of a loan application will be subject to certain factors – e.g. the applicant’s income and credit history. Many may have noticed this phrase used on loan applications, wondering why it’s […]
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No, once you have signed a guarantor loan agreement to become a guarantor and the loan comes through, you cannot stop being the main borrower’s guarantor. There can however be a two-week period after the loan has been sent to your, the guarantor’s, account, where […]
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If you have applied for a guarantor loan, but then get declined due to the guarantor you have chosen for the loan application, you may be wondering why this has happened, and what it means when applying for future guarantor loans. Your guarantor may have […]
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If you haven’t got the rate that was advertised for a loan, you might be wondering why this is – the answer: it can be a number of different things! Not getting the rate that was advertised on a loan can leave some borrowers feeling […]
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A lender will only ever contact an applicant’s employer in certain circumstances. For example, if you are applying for a mortgage or certain loan products, then some lenders may phone or email your employer to verify your employment, as well as other additional financial details. […]
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If your guarantor refuses to pay in the circumstances where they are contractually obliged to, the lender will usually take the necessary steps to try recover their funds via the guarantor. When a guarantor signs an agreement, they are legally obligated to see it through […]
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When becoming someone’s guarantor for a loan, there are certain obligations expected from you. When becoming a guarantor, you’ll be required to cover any repayments that the main beneficiary fails to make. If the borrower you are a guarantor for fails to keep up with […]
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A Financial Advisor advises both individuals and organisations in their decisions with financial matters: including savings, mortgages, insurance products and pensions. The main role of a Financial Advisor is to provide financial guidance that is tailored to their client. This guidance can extend to a […]
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