- Who are Loan Assured?
The Loan Assured Group comprises six wholly owned subsidiaries, each one specialising in a particular sector of the financial industry. With a variety of services available ranging from mortgages, unsecured and secured loans to non-borrowing debt solutions, we are confident that we will be able to find you a suitable product whatever your requirements.
- Can you help people with bad credit
ratings?
Yes. We have a full panel of both mortgage and secured loan lenders who specialise in helping people who are trying to recover from previous credit problems such as mortgage arrears, CCJs and Defaults. We also have a range of products non-borrowing debt solutions such as debt management programs.
- How long does it take for my loan application to go through?
The length of processing is related to several factors, including: Providing Full and Correct Details on Application, The prompt returning of any requested documentation, and the type of loan you apply for. (Either Mortgage, Secured or Unsecured) However, we pride ourselves on an extremely quick completion for the industry.
- Is the money paid direct into my bank account?
Depending on the lender, it will either be paid straight into your bank account or they will send you a cheque.
- Why do you need my bank details, if this is only a quote?
It is a principle requirement for many lenders in accordance with money laundering legislation. Please note that we will not contact your bank without your prior consent.
- If you do a credit search and score, will it affect my credit score?
It is now accepted that people will shop around, for the best deals and so will have credit scores done from time to time. Providing you don’t have too many in a short period of time, it shouldn’t go against you.
- Can I pay the loan off early or in lump sums?
This depends on the applicant and the lender that approves your loan application. In most circumstances this is possible. However, a early redemption penalty may be applicable.
- What is your typical APR rate based on?
Our typical APR rate is based on what 66% of our customers have been offered over the last 12 months. This is compliant with FSA MCOB Regulations under section 3.6.23
- How much money can I borrow?
We offer financial products from £500 upto £500,000. Mortgage products are available for larger amounts.
- What can I use my loan for?
It’s your money; it’s entirely up to you. Most of our customers take out a loan to consolidate existing debt, for example, store cards, credit cards, existing loans etc and use the loan to reduce their monthly outgoings. However, they also tend to raise additional cash to spend as they wish, for example to make home improvements, buy a new car, or even take a well deserved holiday.
- How do I apply for my loan?
The most efficient way is to apply online using our online Application form. However, if you wish you can speak to a Loan Assured representative by calling: 0845 0777 007.
- Why cover my monthly repayments with repayment protect cover?
Quite simply for peace of mind. In the event you were unable to make the repayments due to redundancy, sickness, or even an accident at work, your repayments (subject to certain exclusions and terms) will be made for you directly by the insurer. The majority of our customers opt for this cover, just to be on the safe side.
- Will I be visited by a rep?
The vast majority of our customers choose our postal option. However, should you prefer a representative to visit, this can be arranged. On rare occassions it can be a necessity, at the discretion of the lender.
- Will you be contacting my employer?
In some circumstances we may have to. However, if you have up to date pay slips this will rarely be necessary. If you cannot produce pay slips, we may ask your permission to obtain a brief reference from your employer. The adviser allocated to your case will explain exactly what info will be requested. We will not supply your employer with details about your loan application.
- What is the difference between capital repayment and interest only?
A repayment mortgage guarantees your loan is paid off in full at the end of the agreed term. With a repayment mortgage you make monthly payments that cover both the interest on the loan and the repayment of the loan itself. With an interest-only mortgage you only pay-off the interest on the loan and none of the outstanding debt until the end of the term.
- What does self certification mean?
If it is difficult to provide substantiated confirmation of your income, you can choose to self certify your income by signing a declaration stating your income and that you can afford the loan repayments.
- What does sub-prime mean?
This is a term used by lenders to describe the sector of Mortgage Problems. A sub prime mortgage is the same as a Non Status Mortgage, a Non Standard Mortgage, an Adverse Credit Mortgage, a Poor Credit Mortgage or a Bad Credit Mortgage. Put simply, it is a Mortgage for People with Credit Problems.
- What is a higher lending charge?
A one-off insurance premium charged by lenders to cover themselves in high risk lending situations, usually where lending is over 90% of the property's value.
- What is an early repayment charge?
A charge made by the mortgage lender if the borrower terminates a mortgage in advance of the terms of that particular mortgage. ERCs are generally imposed on fixed or discounted mortgages offering a relatively cheap deal for an initial period. They usually run only until the end of the initial cheap deal period, though some mortgages impose extended redemption penalties which continue even though the borrower has moved back onto the lender’s standard variable rate.
- How much can I borrow?
This will depend on a number of factors including which lender processes your application, your total income and your credit history. If you want to know exactly how much you can borrow please contact our mortgage advisers on 0800 043 5978. They will be able to let you know, based on your current circumstances, how much you could potentially borrow.
- My property is of non-traditional construction, can I get a mortgage?
Yes. As an established mortgage broker, we have good relationships with lenders that specialise in arranging mortgages secured on non-standard constructions.