Hot Topics

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.
If I decide I need a personal loan, which type of lender is best?: Banks, building societies and specialist finance companies all offer personal loans. None are any better than the others in any outright sense – but because the market is so competitive, you'll need to shop around.
Can I take the payment protection off/on throughout my loan?: The answer to this question depends on what type of insurance you have.
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.
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 Is A Loan To Value (LTV) Ratio?

The Loan to Value (LTV) ratio is the amount of the loan you need compared to the value of the property you are buying.

The industry average for the LTV ratio is 75% so this means that if your property is valued at £100,000, you will be able to get a mortgage of £75,000.

You can easily get mortgages with a higher LTV ratio – and even above that ratio, however you will pay higher interest rates, and need an excellent credit history. If you are considered a bad risk to the lender then you will have to give a sizeable deposit, or face significantly higher interest rates from a specialist lender for borrowers with a bad credit history.

100% mortgages are quite common now to help out first time buyers who cannot raise a deposit, and for those who need to make home improvements as well, they can get up to a 120% LTV ratio.

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.

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