Hot Topics

What is a Home improvement Loan?: Many people choose to take out home improvement loans so they can give their house a new look before selling.
If I decide I need a personal loan, which type of lender is best?: Banks, building societies and specialist finance companies all offer personal loans. None are any better than the others in any outright sense – but because the market is so competitive, you'll need to shop around.
What is the maximum value of the secured loans I can have in relation to the value of my property (LTV ratio)?: The industry average for the LTV ratio (Loan to Value Ratio) is 75%. This means that if your property is valued at £100,000 – you will be able to borrow £75,000 against it. It may be possible to get more than that – for example 85% or 90% - however you will need an excellent credit history and must in general be considered a ‘no risk’ customer by the loan provider.
What happens if I want to borrow more?: To borrow more you have the option of either taking out a new loan independent of your other loan(s), or arranging with your loan provider to add onto your existing loan.
Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?: You do not have to take out a secured loan in order to consolidate debt, but you are likely to pay a higher interest rate if the loan is unsecured and you are not a homeowner.

Can I take the payment protection off/on throughout my loan?

The answer to this question depends on what type of insurance you have.

If you have agreed personal loan protection insurance through your loan provider:

You will be able to cancel your insurance within 14 days* of the start date by returning all certificate documents to the loans company, but you must not have made a claim. If you do not return the documents they will assume you have accepted the insurance and have agreed to keep to its terms and conditions.

If you want to take the insurance off you can cancel it at any time. You will need to give 30 days* written notice and the underwriters will calculate a pro-rata return of any unused premium, if applicable, as long as you have not made a claim.

You will not normally be able to add insurance cover to your loan during the term of the agreement.

If you have agreed short term income protection insurance through a separate insurance provider:

There is no fixed length of time for the policy so you will remain insured for as long as you pay the premium. You are free to cancel the insurance cover at any time without notice and without penalty.

For Short Term Income Protection Insurance

*All figures are industry averages and may vary from policy to policy.

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.

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