Hot Topics

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.
How quickly can I get the money?: How quickly you get your loan depends on who you buy it from.
What if I already have a mortgage or loan secured on my home?: It is possible (indeed common) to have more than one mortgage or loan on your property, as long as there is sufficient free equity in the property to secure the loan.
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.

How do I make repayments and can I choose my monthly repayment date?

Your repayments will normally be taken from your bank by direct debit on a monthly basis. This means that you must have enough cleared funds in your account on the due date, or the payment will fail and you will have missed a payment.

You will have to be careful to avoid this scenario as missed payments will not look good on your record with the loan company. Also, don’t forget that if you have a secured loan, your home is at risk if you do not keep up repayments.

You will be able to choose your monthly repayment date at the beginning of the agreement – and that will remain the same unless negotiated otherwise. It’s a good idea to set your repayment date as a few days after you get paid, as then you know the funds will be cleared in your account in time for the loan repayment. If the date falls a few days before you get paid there is the risk that the money won’t be there. If you change jobs and your payday changes contact your loan company to see if you can change the repayment date.

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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