Frequently Asked Questions
If you have a question which isn’t covered here, or if you would just like to talk something through, please don’t hesitate to give us a call on 01923 250 090 – we’d be delighted to hear from you. Alternatively, drop us an email at firstname.lastname@example.org and we’ll reply straight away.
How do I apply for a loan?
Either give us a call on 01923 250 090, or click here to apply on-line.
How much can I borrow?
We accept applications from £5,000 – £2,500,000 for Second Charge mortgages, and larger sums for bridging finance. All loans are subject to our lenders individual criteria.
What term can I borrow the money over?
For Second Charge mortgages, from 3 to 25 years. For bridging loans, from 1 month to 3 years.
What can I use the loan for?
Any reasonable purpose. The majority are for home improvements, or to consolidate existing debt, but we will always listen to a customer’s request, and try to help..
What if I have bad credit?
Having arrears on your mortgage, County Court Judgements or unsecured finance where you are behind with the payments will not stop you getting a loan. As a responsible finance company, we will want to understand the reasons behind the problems and be confident your new loan with us will help you sort out any financial problems you may have.
Do you charge fees for the work you do?
We charge no up-front fees for processing Second Charge mortgages, but we do charge a fee which is payable from your loan advance if your loan completes. Ordinarily the fee can be added to the loan, and is always included within the APRC, given to you verbally with your loan offer, and clearly shown on all the loan paperwork. We often have to pay for property valuations, mortgage references and credit searches, and so we have to charge a fee which covers our overhead costs.
Do you sell payment protection insurance?
The Loan Partnership is not authorised to sell insurance. If you feel that this is a product you would like to consider, you would need to approach a firm who is authorised.
Do you carry out credit checks?
Yes. Once we have got all your details on your application form, we will ask for your permission to conduct a credit search.
Second Charge Mortgage Representative Example
If you borrow £43,000 over 17 years at a rate of 10.10% variable, you will pay 204 installments of £457.25 per month and a total amount payable of £93,279.00. This includes the net loan, interest of £48,780.00, a broker fee of £1100.00 and a lender fee of £399.00. The overall cost for comparison is 11.2% APRC variable.