Hot Topics

In what circumstances should I consider taking out a personal loan?
You can get a personal loan for any reason you want.
What is a Bridging Loan?
A bridging loan is designed to help you when you are selling your old home and buying a new one, because it is very difficult to get the timing right.
What if my loan application is not accepted?
Sometimes a lender may not wish to give you a loan. This may be for a number of reasons, however the lender is not obliged to tell you exactly why the loan been refused.
Can I defer payment?
This depends entirely on the specific agreement you have made with the loan company – and you must read your terms and conditions carefully to see if you are entitled to defer your payments at any point.
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 exactly is a personal loan?

A personal loan is a sum of money which you borrow. This could be from a bank, building society or another financial institution.

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To pay back the loan, you agree to make regular monthly repayments. Some of the money you repay will go towards servicing the loan and the rest of your payment will be used to pay off the interest and the outstanding debt. You will pay your loan off over a number of years, depending on what you can afford and how much you borrow. For example, a loan of £2,000 could easily be paid back in 1 year. However a larger sum like £50,000 would normally be taken out over 15 years or more.

Most people in the UK get a loan at some point in their lives. For example, a mortgage is a loan – a loan to buy a house. However personal loans differ in that they can be taken out for any reason, and are usually for vastly smaller sums, i.e. anything between £500 and £100,000. It is a big financial commitment and not one to be taken lightly, as you will be tied to the repayments for the term of the agreement.


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.