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.
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.
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.
Can I borrow again in the future?
Your ability to borrow again in the future will depend largely on how well you managed your loans and other forms of credit in the past.
What happens if I can't meet the loan repayments?
If you are having problems repaying the loan, you will need to talk to your lender straight away to discuss the problem.

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.

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It is very common to have more than one loan secured on a property, as you are free to borrow more and more within the value of your property. If you are looking for another unsecured loan it will depend on your credit scoring and credit rating, just as it did when you first applied for a loan. If you are meeting your monthly repayments and have not missed any, the loan company is likely to look favourably upon your application.

If you do need to borrow more then consider very carefully the increased financial load and how you will be able to manage it. It’s the people with a number of loans and financial obligations that often find they can’t keep control of their debts, and end up on the road to bankruptcy. If you have a number of loans it might be a good idea to consider a consolidation loan that brings all your outstanding balances together into one single monthly payment that is easier to manage.

 

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.