Hot Topics

What is a Career change Loan?
If you are planning a change of career then it is likely you will experience either a big drop in or a total loss of regular earnings – and this is why people choose to take out career change loans.
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 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.
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.
Over what length of time can I spread my repayments with a debt consolidation loan?
You will be able to spread your repayments over whatever term you need to in order to meet your repayments.

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.

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In theory, you can have as many personal loans as you want up to the value of your property, and while the housing boom continues and the price of your property increases, you will be able to borrow more and more against it.

Every time you want to take out another loan, you will need to have your property professionally valued so as to provide legal documentation of the amount you can safely borrow against your property. How many loans you get is up to you, but the more loans you take out the more complicated your finances will be. It may be worth considering a debt consolidation loan to bring all your payments together, then it will be easier to keep to the repayment schedule and ensure that all your creditors are happy.

 

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.