Hot Topics

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 is a secured loan?: Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
What if I want to pay my Loan off early ?: Before agreeing to your loan, read the terms and conditions of the agreement. Some loans allow you to pay your loan off early without any penalties, however, some don't.
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.
Will a debt consolidation loan solve all my problems?: A debt consolidation loan will solve your problems if you can meet the repayments. However you need to analyse how the money troubles began – and fix the root cause.

Why would my Loan application be turned down?

If a lender decides that you are a bad risk for a loan, they will reject your application.

A poor credit rating is the usual reason, any County Court Judgements, previously declined applications for credit, defaults on payments, mortgage arrears, repossession of property or cancellation of a credit card by the credit card company will look bad on your credit record. Or it could be that you have moved house a few times, or someone else in your house had a problem with debt. You may also find it harder to get a loan if you are self-employed or are on a short-term employment contract.

If your application is rejected the loan company does not have to tell you exactly why, but they will normally give you some kind of general idea. If you want to make another application you will need to find out the exact reason why your loan application was rejected before applying for another loan, as you will be turned down again and again and your credit rating will be further affected. You can do this by contacting the credit reference agency in question if necessary.

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.