Banks and Homeowner Loans

When you need funds to buy a dream kitchen or car, or even a buy-to-let property, most people think about the equity in their home whether it’s for a second mortgage or a new secured loan. Banks are offering new loans, and 24-hour decisions wherever you look, so surely it should be a simple process with a positive result!
 
But while house prices have recovered and remain solid, it is not guaranteed that you will be able to release your equity with traditional lenders. Lenders are getting stricter firstly on who is allowed a further loan and believe it or not they want to know exactly what you want to spend it on.
 
If you ask to borrow money for any type of home improvement you are the most likely to get your loan approved. Lenders really like to lend when the purpose of the extra loan will improve/increase the value of the security they are lending against, as this will help them should they need to repossess your property.
 
In order to achieve the loan most lenders will insist that you have paid your existing mortgage for at least six months and that you have a good payment record. They will also insist that your new and existing loan cannot be over certain loan to values depending on the lender.
 
Be careful however, if you tell the high street lender you want to buy a new car, pay for a holiday or schools fees they won’t be so keen to lend as it won’t help with their loan to value criteria. Very often if you ask to borrow money that is unrelated to home improvements, your loan application will be passed to another department and will then be scrutinised more diligently.
 
Here at AtPledge we never ask you what the loan is to be used for, that is your business. Provided that you have sufficient security we can arrange and make available your loan in as little as 7 days.
 
Our entire process is painless and confidential, and remember we loan when others won’t.
 


For a FREE, no obligation quote call us on 0800 810 1111 or 01604 901101 or contact us online.