Before you Apply for a Secured Loan
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By :
Jenny Austin
Submitted
2008-10-08 00:00:00 |
Applying for a secured loan seems to be a very stressful thing to do for some people. So let me tell you how you can turn this chore into a simple step in taking out your next financial commitment in life.
It is best to have all of the following documentation to hand before to even look for a lender to lend you money, as these are standard items that they will want to see before considering any one for a secured homeowner loan.
The items include:
- ID for both applicants, or if it is only for one person, then just their ID. Acceptable forms of ID are - Passport, Driving Card, Firearms Certificate, Police Warrant Card, Credit Card with recent statement, Bank Card with recent statement.
- Proof of address for the client/s, Acceptable forms of this are - Utility Bill, Council Tax Bill, Bank Statement, Credit Card statement, A letter headed paper letter from a known company. ( All of which will need to be dates within the last 3 month)
- Proof of Income, Acceptable items to prove your income might be - Your last 3 Months Payslips, A job reference stating how much you earn and length of time employed there, If you are self employed, then you may need to provide your accountants details to the lender, if you don't have an accountant, then your tax returns are sufficient with some secured loan lenders. If you have none of the above, and can't prove your income, there are some lenders, that on some of their products will lend to their customer on what’s called a self certified homeowner loan, however there is normally a higher cost for this, as the secured loan lender is taking a higher risk.
- Your last 3 months bank statements are always handy to have when applying for a secured loan, as most lenders like to see the way in which you operate your account. For example, do you pay your bills on time, or are there late payment fees in your bank account?
The above are the normal items that you should expect to be asked for when applying for a homeowner loan with most lenders in the UK. On occasions the lender, if not satisfied with what has been provided to them, are in their own rights to ask for more information, this can range from, a breakdown of what the money is for, (if it is for major home improvements, I have known the lender to ask for a copy of the plans) to paying off your existing credit for you, if the loan is for consolidation, rather than letting you pay them off, just so that they know that the debts are being paid off.
There are many of ways of applying for secured loans, one ways is through a homeowner loan broker. Advanced Finance are one of the UK's most experienced brokers in homeowner loans, bridging loans, remortgages, and other such financial products, when you are considering taking out a secured loan, ask Advanced Finance for their free advise first, and see what they can do to help you
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Author Resource:-
Jenny Austin is an expert in bridging finance, as well as secured homeowner loans and secured loans
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