Hot Topics

What is a Tenant Loan?
If you do not own your own property, you will not be able borrow money secured on your home. This means that any loan you take out will be a tenant loan – or an unsecured loan.
What interest rate will I pay and is it negotiable?
Interest rates vary from lender to lender, and it all depends on how much you borrow, and over what period of time.
How do I contact the Credit Reference Agencies?
You can request your credit report online, by phone or online. It costs £2 for a copy of your statutory credit report. Here are the details for the three main credit reference agencies.
I live at home with my parents, can I still apply for a loan?
If you live at home you are still eligible for a tenant loan – this is basically an unsecured loan in which you have no property to provide as security against the debt.
How much can I borrow with a debt consolidation loan?
The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

How much can I borrow with a debt consolidation loan?

The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

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It will be particularly important however, to check that you can afford the repayments. The loan company will take more care on this issue as the debt consolidation loan is basically the last resort in sorting out your finances and if you cannot keep up with repayments then it really will be your home that’s on the line.

For an unsecured debt consolidation loan you will be able to borrow between £3,000 and £25,000. However if you can put your home up as collateral and get a secured loan, you will be able to arrange a loan for anything from £3,000 to £100,000, depending ultimately on the value of your property. Loans up to £1 million exist, but not for the majority of UK borrowers.

If you are consolidating your debts then you should ensure that the amount you borrow does cover all your outstanding debts. The net equity you own in your home (i.e. the value of your house less the amount you owe on your mortgage and any other debts secured upon it) will have to be more than the value of the debt consolidation loan you need.



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.