Home loans | Debt consolidation | Secured loans | Homeowner loan

Frequently Asked Questions (FAQs)

Q: Can I apply for a secured loan if I have an adverse credit history?

A: Yes. Some lenders specialise in lending to customers with poor credit histories. Here’s what it means for you:

• you may have to provide more detail in your application – the lender will want reassurance that you can pay the money back or you have assets to support the loan. They may ask for detailed information about your outgoing and incoming finances
• you may be charged higher interest
• your choices will be limited – not all lenders are willing to lend to people with poor credit history

Just let us know if you have a poor credit history so we can find suitable secured loans for you.

Q: How do I work out my property value?

A: There are a few ways you can estimate the value of your property:

• Research - Find out how much other, similar properties in your area have recently been sold for. If you don’t know, look in an estate agent window or your local paper to see the asking price for properties that sound similar to yours
• Do the maths - How much did you pay for your property? If you bought it recently, you can look at figures for how the property market has grown, and work out how much the value of your property has grown
• Get a professional opinion – Pay for a surveyor to value your property. You can also get an estate agent to value it, but they generally over estimate the value, to encourage you to sell and because the asking price is normally more than the buying price

Q: What do I include in the annual salary of the household?

A: Just include the joint income of the homeowners. If you are the sole property owner, then just provide your salary. You don’t need to include the income of any lodgers or children.

Q: What is Payment Protection Insurance (PPI)?
A: Payment Protection Insurance (PPI) covers your loan repayments in the event of your inability to pay because of an accident, sickness or unemployment.
The amount you will be charged varies, depending on the lender, the loan amount and whether it’s a single or joint application.

Consumers will find payment protection insurance (PPI) much easier to understand following the publication of the consumer guide by the Finance and Leasing Association (FLA) and the Association of British Insurers (ABI)
A Consumer Guide to Payment Protection Insurance

Q: How long does it take to apply for a Secured Loan and how long to get the cheque?
A: It usually takes about two weeks for a successful secured loan application to be completed and the cheque to follow a few working days later.
If you are using a secured loan for debt consolidation, then some lenders will pay off the debt providers directly.

Q: I want to ask another question that is not answered here?
A: Then please feel free to post the question by submitting a comment below if your question is of a general nature.

If your question is specific about your own personal or financial circumstances, then please submit an online enquiry using our Contact Us form. All personal questions will remain in the strictest of confidence.

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