Before applying for a secured loan it is important to ensure you are eligible to apply. You need to be a home owner aged 18 or over. If you are then there are two main ways in which you could apply.
Apply directly to the lender
When you apply to a lender directly you will usually pop into a high street branch of the bank to complete all the necessary paperwork. The bank’s Advisers would ultimately determine the most suitable product for you from their product range.
Apply through a broker or master broker
When you apply through a broker it is unlikely that you will meet the broker face to face as most do not have high street branches you can walk into. Furthermore a broker differs from a lender in that they do not actually lend the money to you themselves. They act as a “middle man” or intermediary and have a panel of lenders . They will match your application details against their lenders criteria and identify the most suitable loan for you. A lender would match your application against their products only.
Promise Money is a master broker. This means that we operate in the same way as a broker. However, our lender panel is much larger with 20 lenders available (the biggest panel in the UK) . Our in-house loan sourcing system was built to specifically enable us to match your application detail against hundreds of products offered by our lender panel quickly and accurately.
Why apply through a broker like us?
There are various advantages when you apply for a secured loan through a broker. The most obvious advantage is choice. We check your application against the criteria of multiple lenders meaning you have a greater chance of being accepted. If more than one loan product is available (which is normally the case) we have a choice over which one to recommend to you. We always go for the most suitable having taken in to account your circumstances.
Most High Street lenders offer restrictive criteria which may limit the number of loans you are eligible for eg. Not all loan purposes are acceptable, loan to values vary (your 1st + 2nd mortgage as a % of your property’s value) , there are different rules on how much can afford to take out, age at the loan’s end date vary and the proof of income required can also vary.
We have access to lenders not on the High Street which offer more flexible criteria meaning more applicants are likely to be found acceptable. We also have a wider choice of products including capital repayment, interest only, fixed & tracker rates. We can even access exclusive products with certain lenders that you won’t find anywhere else.
If you would like more information, please give us a call on 01902 585020.