Frequently Asked Questions
Q. How much can I borrow?
A. This will depend upon your income and the amount of equity within your property. We have products that enable you to borrow up to x 80% of your property value. Loan amounts are available from £5,000 to £75,000.
Q. What if I already have defaults, CCJs or mortgage arrears?
A. We have many lenders on our panel offering a diverse range of plans. This enables us to arrange finance for people in some of the most difficult circumstances.
Q. Over what period of time can I spread my loan?
A. This is usually entirely up to you, we will discuss the various terms available and provide the monthly payments attached to these terms which will help you decide. Generally loans are available over three to twenty-five years.
Q. Are fixed interest rates available?
A. Yes however the majority of our loans are variable rates, although some fixed may be available and will be dependent on the product chosen. Rates of interest that are fixed are for the full term of the loan.
Q. Can you offer a scheme whereby my repayments can be made if I am ill or made redundant?
A. Yes, we offer an optional accident, sickness and redundancy package for your peace of mind. – This is only offered on Mortgages not secured loans.
Q. Is the application confidential?
A. Absolutely. Your loan application is treated in the strictest confidence. We will not contact your employers, bank or any other third party without your prior permission.
Q. Are any restrictions placed on how I can spend the money?
A. No, you can usually utilise the money for almost any purpose. Perhaps you want to pay off all your higher rate credit leaving you with just one manageable monthly payment. Alternatively you may wish to carry out home improvements, purchase a car, caravan, boat, and conservatory or perhaps take a holiday!
Q. What if I want to settle the loan early?
A. Most Secured Home Owner Loans are governed by the Consumer Credit Act 1974. Early payment of regulated loans will incur an early settlement charge of 1 month's interest if 1 month's written notice is given, otherwise two month's interest will be charged.
Q. What if I want to move house?
A. Simply pay the outstanding loan balance from the proceeds of the sale or alternatively we may be able to transfer the loan to your new property.
Q. What if I want to borrow more in the future?
A. Simply telephone our office and we will gladly supply you with a quotation for a further advance.
Q. How long will the loan take to arrange?
A. The whole process usually takes two to four weeks dependent upon a number of factors including how quickly you can supply us with the documentation required to complete your loan.
The overall cost for comparison is 5.5% APR typical
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
(Re)Mortgages & Homeowner Loans are undertaken by our in-house Mortgage Advisors at Moneycall Limited which is Regulated & Authorised by the Financial Services Authority
