My Sort of Loan specialise in longer term loans from 36 months / 3 years up to 300 months / 25 years to match your budget and goals. Many loans also offer long fixed rate periods for your peace of mind. We try to cater for all circumstances however long you want to take a loan over and now arrange any purpose loans from £5,000 to £250,000. With our extensive lender options we have enabled people to borrow with good, fair or bad credit - so you have chosen the right place to obtain your loan.
The first step is to give you a free, confidential quotation detailing all the facts and figures for you to consider at your own pace.
Once you are happy that the loan is suitable for you, we will process the loan and get your funds released to you promptly.
To get your quote please call our loan support team for free 0800 0159 295 or dial 0330 0536001 (mobile friendly) and speak confidentially with one of our experienced, friendly team - alternatively make a no obligation enquiry via our short online form.
Taking out a long term loan can mean different things depending on the individual; 3 years can seem like a long time to some of our customers whereas another may be looking at a 5 to10 year term or more - we specialise in matching loan terms to your budget.
We have been arranging loans for our UK customers (whether joint loans or sole applicants) for a long time and therefore have learnt how to facilitate loans even when circumstances are a little more complex. This could be because unfortunately you have incurred some bad credit or you have been declined elsewhere for the term you want and don`t even know why….
A common question when considering longer term loans in the UK may be `what are the benefits / reasons behind taking a loan out over a longer term, as that will mean paying more interest because you will be paying it for longer? `While that is certainly true there can be advantages to taking a long term loan rather than trying to cram everything into a short term.
For example if you need your loan now but you know that will have funds available in a number of year`s time; from a pension or a second property mortgage ending - perhaps an inheritance is expected, in which case it might be worth taking a loan for a longer term in order to keep the repayments lower - as you expect to be able to settle the loan and you need to keep your payments low right now.
Of course there are many other instances where a long term loan might make perfect sense. For example if you have a buy to let property with a rental that covers both first and second mortgage payments, it might make sense to keep the second mortgage payment as low as possible. By taking out a long term loan you could help to maximise the monthly income from your buy to let property.
For those of us who are worried about rates rising or payments going up it might make sense to take out a fixed rate long term loan while interest rates are at a historic low, while the interest rate might seem a little higher at the moment you may well find that if rates creep up you can relax safe in the knowledge that your rate is protected for years to come.
You could use a UK long term joint loan to share the costs with your spouse or partner, enabling you to absorb the costs with less impact on the individuals cash flow. Having a joint applicant on the loan agreement may help to get a loan accepted and any extra joint income could mean a bigger selection of loan sizes and terms for you to consider.
Our lender panel is extensive and covers a wide range of loan terms and purposes. Our shorter loan terms start at around 3 years and some of our lenders will go up to 300 months. Many longer loan repayment terms also offer early repayment options. Our more common range of loan terms range between 5 and 15 years - the right term for you depends on your preferences and what is affordable for you. For instance if you want to borrow money for a car then 10 years might seem like a longish loan duration because the car may be worn out after that time. Alternatively you may be looking to borrow £100,000 to purchase a buy to let property / build an extension & buy a conservatory, in which case 10 years may not seem too long at all and you may want to take the loan over a much longer term of perhaps 25 years.
Your age can have an important influence on how long you can borrow money for. Some lenders will go up to ages of 75 years but when considering loan duration you may need to consider how long you want to continue to work for. If you intend to retire in 5 year`s time but you`re budgeting for a loan over 10 years, it can seem pretty long term and you would need to consider how you are going to pay the loan back after you`ve stopped working. On the other hand if you have a young family to cater for but you need money now taking a loan out over 15 years or more might well be the best solution for you because it can help to keep your repayments low.
If you have experienced credit or income problems in the past you may be wary about taking out a long term loan in case something changes. Alternatively it may be the case that you have had difficulty taking a loan out over a long term because the lenders you have approached so far have decided not to lend based on your risk profile.
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.
At My Sort of Loan we aim to try and cater for all circumstances and we will give you suitable advice to get you the long term loan that you need to suit your current circumstances rather than only considering your past circumstances. The overall main point is to only borrow what you need and only take on repayments you can afford to keep making for the term. There are still quite large loans available in the UK for people with bad credit - some second charge lenders will go up to £100,000 for the right client.
Of course there are benefits to being able to stretch out a loan period - if you have had credit problems in the past then the interest rate that you get offered could be higher than you had hoped. In this case you could take the loan out over a slightly longer term to keep your repayments nearer to where you would like them to be. If in the meantime you maintain your payments and don`t suffer any further credit problems you may find that your risk profile improves and you can borrow money at much cheaper rates in the future. Talk to one of our trained loan and second mortgage advisers about credit repair plans
Of course when you`re thinking about a long term loan you never know quite what the future has in store so when My Sort of Loan are tailoring your long term loan to your needs - we will be looking at what else you might need in the longer term. Our loan team will take into account how long is ideal for your goals and what kind of flexibility you might need going forward.
That`s not to say that a long term loan will always be there for the long term, you may be able to settle the loan early (subject to any early repayment charges). Our lenders loans can be settled early subject to terms. It may be that it is replaced with an alternative cheaper loan if you have repaired your credit or if perhaps you have another exit strategy. Providing we know what you`re planning My Sort of Loan can try and arrange a correct term loan with simple and inexpensive redemption charges .
If you want to reduce the balance of your UK loan without making one large bulk payment you might want to consider a product that allows you to make over payments without penalties. By doing this you will be able to keep your monthly contractual payments low while at the same time clearing your long term loan more quickly as and when you have the capacity to do so. Ask our loan team about our second mortgage loans and any other loans that we arrange that offer this facility.
