Lender 1 (FP) rates between 6.9% APR and 9.4% APR
This lender will advance between £3,000 and £75,000. Traditional loans only extend to 90% of your home's value, but this lender is different. They will lend up to 25% more than the value of your home, less your mortgage balance. As long as you have a clean credit history and spare monthly income after your outgoings, you may be able to get a loan with this lender.
Lender 2 (P) rates between 7.7% APR and 14.9% APR
This lender will advance between £3,000 and £75,000. They will lend up to 25% more than the value of your home, less your mortgage balance. They will consider some poor credit history and you just need to have only 40% of your total income being allocated to your mortgage and your secured loan to be successful.
Lender 3 (SL) rates between 7.9% APR and 19.2% APR
This lender will advance between £5,000 and £80,000. They will lend up to 90% of your home's value. They ignore all defaults and allow you a few county court judgments so poor credit history (at a reasonable rate) is a possibility.
Lender 4 (F) rates between 7.9% APR and 19.9% APR
This lender will advance between £3,000 and £100,000. They will lend up to 95% of your home's value. They allow some defaults and CCJs.
Lender 5 (LM) rates between 9.4% APR and 16.1% APR
This lender will advance between £5,000 and £100,000. They will lend up to 100% of your home's value. They ignore all defaults that are more than 6 months old. They allow for CCJs as long as you don't have one more than £3k and all the ones you do have total no more than £12k.
Lender 3 (S) rates between 13% APR and 22.2% APR
This lender will advance between £1,000 and £250,000. They will lend up to 75% of your home's value. They ignore all defaults and CCJs so poor credit history is not a problem. They also lend fully to those who have only recently purchased their council house.
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Registered in England and Wales – Number OC330079
Our Partners and Associates are either authorized and regulated by the Financial Services Authority, and / or
Association of Accountant Technicians, and / or
Securities and Investments Institute
According to their role of responsibilities.
Debt Consolidation Loans
Debt consolidation can be a good way of saving yourself money by reducing existing debts into one manageable monthly payment. If you are paying off money at a high interest rate, or you have outstanding credit card bills, a loan could reduce your monthly outgoings considerably.
A secured loan is a loan that is secured against your property. This type of loan is less of a risk to the lender and as a result you will enjoy a more competitive rate of interest. Loans are typically available for amounts between £3,000 and £100,000 and payable over anything from 3 to 25 years depending on how much you can afford to repay each month. If you have had previous credit problems or find it difficult to prove your income this is the ideal solution to your loan requirements.
These loans differ from secured loans by the fact that they in theory provide less risk to the person taking out the loan due to the fact that their house is not used as insurance on their payments. Whilst this is true in theory, it is common that once someone who has taken out an unsecured loan defaults on their payments, they will have court proceedings taken against them and their home. This could in effect result in the loss of their home, turning what was once a less risk loan into a secured loan! Be extra careful to ensure that you can keep up the payments on these loans. Loan companies often act aggressively on payment defaulters to ensure the stability of their investment
Many lenders use credit-scoring systems, which allocate points to the various pieces of information supplied on your application form.
The main factors used to determine your credit score are:
These points are added together to produce your credit score, which helps the lender predict whether you are an acceptable risk.
Different lenders have different systems and acceptance criteria. Therefore, it is not uncommon for you to be turned down by one lender but then be accepted by another.
Your credit score is not part of the file kept on you by the credit reference agencies. Lenders do not have to tell you exactly why they have turned you down, but they should give an indication of the reason.
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