Common Questions
Can I pay the loan off early?
Yes! The amount to be paid will be calculated in line with the specific terms of your self employed secured loan and you may have to pay some interest for settling the loan early. This will be covered on your loan agreement and is compliant with the Consumer Credit Act. A secured loan is really meant as long term finance so if you do settle before the due date then a small amount of interest will be due. This can be explained in more detail once a broker is assigned to you.
Can I top-up my loan?
No problem! You can apply at a later stage for more funds. You can give your broker a call regarding this.
Can I increase the time to pay off the loan?
This shouldn't be an issue. Usually the maximum is thirty years but does vary from lender to lender. This could mean that you will have more spare cash each month and you may get a more attractive loan rate too.
What if I move house?
You should be able to transfer your self employed secure loan to your new house. However, this may be a good opportunity to review your finances as situations do change and you may be better off with a new deal. Please bear in mind, that any alteration to the original loan agreement should be discussed beforehand as it will need their approval.
How do I apply and what proof do I need?
You can apply by using our self employed secured loan application form here. Your assigned broker will discuss the requirements as every situation is different but we will find the best option for you. Once you are happy to proceed, we can send the necessary paperwork which you simply sign and send back. If you are going for a self cert loan then less documentation may be required.
Can I pay more each month?
This should not be a problem. If you wish to increase your monthly payments this can be done and the length of the loan can be as little as 3-5 years.
What happens if I'm sick or have an accident?
This is especially important for the self employed! We do appreciate that things can happen that affect your ability to maintain payments such as sickness or accidents. If this does happen, then you can probably do without the grief of worrying about your loan payments too! You do have the option of Payment Protection and if you would like to know more about this then don't forget to mention it to your broker.
Do I have to tell my mortgage company?
You will have to obtain permission from your mortgage company before the loan can be aproved. We can help you with this (with your permission!) and contact them on your behalf to make things easier for you.