How Do I Know If I Will Be Accepted

How do I know if I will be accepted?

Secured loans are normally available to UK homeowners that are existing UK mortgage payers.  A wide range of lenders and products are available for all sorts of circumstances.  It is important to remember that the interest rates, repayment periods, and other terms and conditions can vary widely from one lender to another and are normally dependent on many different factors.  Examples of factors affecting acceptance by different lenders include your personal credit rating, history of making repayments to other lending companies, time at your address, job and bank, the value and condition of your home in relation to the amount outstanding on your mortgage and any individual credit scoring process each lender chooses to employ.   Please note this list is not exhaustive and is indicative only.  An in-principle decision from a lender is normally made available quite quickly, subject to the lender making their various checks.  However a specialist secured loan broker can cut out a lot of the ‘leg work’ by experience, and utilizing one-touch direct access to lenders systems provide a fast in-principle decision tailored just for you.

Secured loans are suitable for those with a poor or impaired credit rating as well as those with perfect credit history.  Providing you are a homeowner, you should be able to find a lender that can provide you with a competitive loan even if you have a tarnished credit rating, whereas you could find it very difficult or even impossible to get an unsecured loan if you have a poor credit history.