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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 happens if I am suddenly injured or taken ill?: To protect your loan repayments in case you are unable to work due to accident or illness, you will have to take out either personal loan or short-term income protection insurance.
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.
I am having trouble making repayments on my loans, should I get a debt consolidation loan?: If you have a number of debts and are having trouble managing them all, then a debt consolidation loan may be your only option.
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.

I have not been with my current employer very long, can I still apply for a loan?

To apply for an unsecured loan you will normally need to provide 3 consecutive pay slips to prove that you have a regular income.

If you have only just started in a job the loan company may ask your permission to obtain a reference from your employer – this will be to confirm your position and annual salary. They will never contact your employer without your consent, and they will not supply them with any details of your loan application.

If you are applying for a secured loan – your income status will not be of such importance as you will be securing the loan with your property. However your income will form part of your credit scoring, and if you have a low salary you may find that your APR could be affected as you will not achieve a full low risk status.

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