A big loan can enable you to carry out a number of tasks / projects at the same time. Our big loan panel goes up to loans of £250,000 but advances may also be as low as £5,000. We understand that whether or not the loan you want is `big` is often down to an individual`s perception. A good measure is how much money you are looking to obtain compared to your income. Many would consider a loan that is either close to their household yearly income or for over £35,000 to be big loans.
However it is important not to be daunted by the numbers and bear in mind you can get the repayments for your scenario before you commit to any loan through our finance team.
My Sort of Loan have been UK specialists in arranging big, medium and even smaller loans for many years and provide a tailored free quote for our customers. Get your figures before you make a decision , call directly for free on 0800 0159 108 or dial 0330 0536001 (mobile friendly),alternatively complete our on line enquiry form to get the ball rolling. Taking out a loan is a big decision so choose an established finance industry business to ensure you can achieve your goals whilst keeping your payments affordable.
Home improvement loans to facilitate your property extension, kitchen up-grade, new furnishings, replacement bathroom or a combination of these.
Large loans for debt consolidation, enabling you to repay your credit cards, overdraft or fixed term loans, store cards or higher purchase agreement.
Finance can be used to help the purchase of another property for renting out or to get an exotic holiday home or a static caravan.
It is all to easy to forget to set aside funds when you are running a business these big loans can be used for Income tax or VAT payments / arrears.
Finance for business purposes enabling you to expand your own business operation or launch a second income of your own.
It is important when borrowing a larger amount of money that the repayments are going to be manageable. Therefore big loans are available to our customers with repayments terms from 3 years (36 months) to 25 years (300 months),subject to criteria, so you can match your repayments to your monthly budget, giving you a payment that suits you and your circumstances. It could be you have a perfect credit history or one that isn`t that great, either way My Sort of Loan will endeavour to arrange a highly competitive big loan provided via a host of reputable UK lenders who are regulated by the Financial Conduct Authority.
We speak to all of our clients and get up to date appraisals of their situation before any credit search is carried out, tailoring the big loan they are looking for to our client`s unique situation. All of our staff at our Head Office are trained to treat our clients fairly and as a top priority. They always look to obtain the very best big loan offer for our clients. We don`t use automated telephone systems or overseas call centres, we look at all aspects of the finance you are looking for making sure the funding you require has the features that suit you. It may be your priority is to minimize monthly repayments, or have a fixed interest rate, alternatively having the ability to make additional repayments may be key for you.
Our customers are varied in what they need a larger loan for so whatever your priority is we will do our best to obtain that for you. The details of your large loan will be will explained in plain English to you, pointing out the feature and benefits as well as the risks of the loans offers available to you. We will arrange your big loan in the fastest possible time, but always take care to make sure our customers understand the full details as well as understanding what the chosen lender requires so every thing goes through as smoothly as possible.
These sizes of big loans are generally reserved for a multiple purposes in one go or for larger more significant purchase such`s has a home extension, loft conversion, refinancing all credit, financing a high end vehicle or chattel, land scaping or major renovations. It is worthwhile remembering (as with the smaller loans) there are very few restrictions as to what a big loan can be used for provided you can meet the repayments and loan plan criteria. However, in line with responsible lending practices ourselves and our lenders will work alongside you to make sure you can afford the repayments involved of any big loan My Sort of Loan arranges. A very important point is to borrow only what you need for your goals.
Income Earned To Meet Payments
So far as income proof is concerned if you are employed lenders will need to validate your income proof, this is normally via some recent wage slips, if you are paid in cash you may need an employment reference and your latest P60. If you are self employed, for sole traders you will need your latest tax returns and / or a business plan, some clients may use an accountant`s reference which will summarise the last 3yres trading history.
Equity Levels
An area of a client`s application lenders may need to consider is the available equity, this applies where your big loan is a secured loan. In order to get your finance it`s important that our clients have equity to support the proposed loan, however some lenders are now operating at up to 95% loan to value, so you may need less equity than you think. To establish the equity margin there are some systems which simply estimate the property valuation and some loan plans are available with this equity information, otherwise a drive by valuation can be carried out by a professional panel valuer, alternatively an internal valuation can be carried out at your convenience. This may give you some valuable insight into what your biggest asset is worth. A mortgage reference may also be required; this will be used to confirm to the proposed loan lenders the total amount of money secured by the first mortgage charge.
Credit Status Good, Fair Or Poor
In order to assess what interest rate you will get for your big loan once you are happy to proceed and give your permission, a credit search will be carried out with a major credit reference agency, you do not pay for this. Lender plans are available for loans for customers with good, fair or adverse credit histories. The search simply shows information about you that helps to put you on the right rates for your scenario. The information will show if you are on the electoral register, your credit and mortgage payment history. It may help you to be on the Electoral Register, if you are not on the register now it is a good idea to get registered, if not then don`t worry, it is not the end of the road, you can often use some previous utility bills or your council tax bill to prove where you live. The credit search will help your application by showing the performance of any existing or past credit you have, showing your payments and amounts on any credit agreements you have such as hire purchase, credit cards and fixed term loans. This information will be useful particularly when using the larger loan for debt consolidation to help identify your credit to be cleared.
Land Registry Regarding Big Loans
With secured borrowing via a large secured loan or a mortgage the ownership of your property can be proven via Land Registry. This register shows who is / are the legal owner (s) of your property along with giving key detail such as the correct spelling of your full name for your loan documentation. . It will also show the names of any individuals or companies that have an interest in your property, for example if you have a mortgage on your property they will have registered their interest on it via a charge at land registry. Subsequent charges for a secured loan, further advance or second mortgage can be registered in a similar manner behind your mortgage company.
Applicants For Joint Loans
If you can have more than one person apply for the loan this may give you alternative options or help your application as the income can be used from all applicants. However bear in mind the credit status of all applicants will also be taken into account, so be honest with each other and establish the best way to move forward with your loan enquiry. Please note if you are married and your property is jointly owned in most cases the lender will require that your homeowner loan is taken out in joint names.
