bad credit history

Do You Have A Bad Credit History?

Do you have a bad credit history?

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We are working with a specialist provider of residential second charge loans and mortgages, lending to customers who are unable to obtain finance from traditional high street lenders.

There are many reasons why the High Street declines someone, here are a few reasons.

  • You may have up to six months current mortgage arrears, due to personal unforeseen issues? Usually, any arrears are an auto-decline on the High Street.
  • This understanding extends to arrears on subsequent charges, following the main lender. Many second charge lenders will allow such a credit blip.
  • Loans of up to £100,000 may be available, with higher limits upon underwriter referral.
  • Any amount of CCJ’s and defaults, past and present, may be considered.
  • Do you have a pending bankruptcy action for Income Tax? We can help, as this issue is becoming more common.
  • Loans are also available on Buy-to-Let properties.
  • As well as vanilla Standard Variable Rates, both 3 and 5 year fixed rate plans are available.

Let us say “Yes, we can help” – Do you have a bad credit history?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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second charge loan

Have You Considered A Second Charge Loan?

Have You Considered A Second Charge Loan?

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Are you looking for a Remortgage or a Further Advance?
You can count on us to find the right home for your needs.
Thousands of second charge mortgages have been arranged in recent years, from an extensive panel of lenders across the whole of the marketplace.
They can be a great alternative for you when:

  • You fail an affordability test with your main first charge mortgage lender
  • You have an Early Repayment Charge on your first charge
  • Your current mortgage is Interest Only, and any changes would withdraw this option
  • You are benefiting from an existing low mortgage rate but want to raise capital
  • You are wishing to capital-raise for business purposes, including deposits for buy-to-let mortgages
  • You are keen to retain your current mortgage product but now have historic adverse credit.

Additional factors include:

  • Up to 100% of property value may be possible
  • Interest rates are comparable with regular mortgage rates
  • Variable rates and fixed rates are available, fixed for up to 5 years
  • The loan term may be from only 3 years, running all the way up to 30 years
  • The loan amount may be from £3,000 to £1,000,000+
  • You may be an Employee, Self-Employed, Expatriate, Portfolio or first-time Landlord or a Limited Company
  • There are usually no Early Repayment Charges associated with Second Charge Secured Loans

Any questions? Get in touch today.

Let us say “Yes, we can help” – Have you considered a second charge loan?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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A reduction in outgoings

A Reduction In Outgoings

A reduction in outgoings.

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Second Charge mortgages can offer the ideal alternative to a remortgage, further advance or unsecured loan. This is why they can be really useful for those who desperately need to reduce their monthly outgoing costs.

Here’s how a customer was helped to reduce their monthly outgoings by £291 a month, in just 6 days from the application being received from the customer:

Situation.
Unsecured debt balance: £25,000
Average monthly payments: £666
The client needed to consolidate her debts to reduce her monthly payments. In addition, she wanted to finance a new bathroom at a cost of £5,000.

Challenge
The client did not want to raise additional finance through a further advance, or a remortgage due to the resulting high redemption penalties.
The client had already been rejected for unsecured loans because of her high outgoings.
Plus, the client wanted protection against possible rate increases for 5 years and the ability to overpay without penalties.

Solution
In just 6 days, the customer received their funds:

  • £30,000 over a 20-year period
  • Monthly payments reduced to £375, which is a £291 reduction in their outgoings each month
  • Fixed-rate for 5 years
  • No Early Repayment Charges, allowing them to remortgage later, or make overpayments anytime

With rates from around regular mortgage rates and loans of up to £2,000,000,  Second Charges can be used for a wide variety of both reasons, and clients. So why not contact us now?

Let us say “Yes, we can help” – A reduction in outgoings

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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Even more reasons for a secured loan

Even More Reasons For A Secured Loan

Even more reasons for a secured loan.

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I would recommend that you take a quick look at some of the key elements below. Perhaps you, your family or friends fall into one or more of these areas?
Here at SUL, I still have access to the largest second charge panels in the marketplace so if I can’t place a case, I doubt anyone can. I remain fully Independent. Feel free to contact me using the details below this article.

For Residential Owner-Occupied Homes

Examples of acceptable circumstances for Contractors and those with short work history:

  • 6 months contract or a rolling 3-month contract renewed at least once
  • Umbrella companies acceptable
  • Contracting less than 12 months – Weekly contract rate x 46 (minus expenses)
  • Only 1-year track record of employment in the same line of work required

Acceptable Properties; usually unacceptable for mortgages:

  • Ex Local Authority flats/maisonettes
  • Flats above commercial premises
  • Flats above take-away, restaurants, pubs
  • High rise flats and deck access

For those with large families:

  • Up to 4 applicants accepted with all incomes considered
  • Second charge applicants do not have to be on first mortgage
  • Borrowing may run into retirement
  • Up to age 85 at end of term
  • Current income used if retirement is more than 10 years away

For cases where Interest Only is preferred:

  • Up to 60% of property value can be used
  • An investment vehicle or downsizing may be used as an exit route
  • An Impaired Credit History is acceptable
  • Current Debt Management Plans may be considered
  • Up to 3 CCJ’s and 2 missed mortgage payments are allowed, up to 70% of the property value
  • Up to 3 missed unsecured payments in last 6 months are allowed
  • Telecoms missed payments ignored

Buy to Let

  • Owned personally, by a trading company or an SPV
  • Portfolios of up to 15 properties
  • Older or retired landlords – interest only up to 75% of property value and up to age 95 at end of term
  • Expats – No minimum income required
  • Impaired credit plans available
  • HMO’s up to 8 bedrooms and multi-unit blocks up to 5 units

Many independent lenders have numerous individual underwriting niches which on their own are valuable and can fill the gaps on tick-box circumstances.

Let us say “Yes, we can help” – Even more reasons for a secured loan

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Second charge mortgages

Why Should You Consider Second Charge Mortgages?

Why Should You Consider Second Charge mortgages?

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Second Charge Mortgages can be considered as a viable solution for debt consolidation, and they provide products that are affordable and sustainable.
There are few restrictions on meeting criteria and they can offer full consolidation almost no matter what the level of unsecured debt. This reduces your monthly commitments and outgoings, as many of these debts are a percentage of loan outstanding each month, and often place a financial strain on you.

  • We can help you on the journey back to high-street lending.
  • No limit consolidation
  • Loans up to £1,000,000
  • Loans of up to 95% of your property value
  • All credit profiles considered

Better Rates
Here, we don’t rely solely upon generic or data-driven, tick-a-box sourcing systems. Around half of our cases have found a better solution and interest rate by being underwritten manually, compared to those presented electronically, as we have a deeper understanding on the human side of underwriting and lending. Your personal circumstances are always taken into account.

Experienced Advisors
We rely on a team of personnel that are minimum CeMAP qualified (the industry standard) and with a minimum of 5-years experience in second charge mortgages and loans, therefore you can be assured of a responsible outcome.

Let us say “Yes, we can help” – Second charge mortgages

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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6 reasons why

6 Reasons Why You Should Consider A Second Charge Loan

6 reasons why you should consider a second charge loan.

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Interest rates.
These are much more competitive than you may realize, and are often comparable to regular mortgage rates, with a choice of variable or fixed rate options.

Affordability assessment.
Second charge lenders may be more flexible than first charge lenders. Both types of loan are heavily regulated, with the intention of providing the best advice for you, the consumer, however, second charge underwriting often follows a less stringent set of rules, and the lender underwriters are able to treat you as a human, not a number.

Adding a partner.
It is often possible to add a partner to a second charge, allowing income to be considered for both parties.

Loan purposes.
Requirements such as home improvements, debt consolidation, tax bill payment, school fees, holiday home purchase, all of these and many more, are acceptable purposes.

Interest only.
Interest-only products are available at very competitive rates, and, as there is no structured capital repayment built-in, these can be a very affordable alternative in many cases.

Completion times.
Dedicated and experienced underwriting teams work very hard to turn around cases in record times. Secured loans are very much faster than mortgages and remortgages.

Let us say “Yes, we can help” – 6 reasons why you should consider a second charge loan

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Avoiding loan fee fraud

Avoiding Loan Fee Fraud – What You Need To Know

Avoiding loan fee fraud.

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The FCA is warning consumers about avoiding loan fee fraud.
The Financial Services Authority has issued a public warning after consumers lost three and a half million pounds in fraudulent loan applications last year.
The regulator says it has seen a big increase in this type of fraud, with the number of people complaints about such scams rising by 44 percent from 2016 to 2017.
These scams typically target those who are in distressed financial circumstances and looking for a short-term loan.
When searching for loan providers online, customers are contacted by an unregistered firm informing them that they have been approved for credit, provided they pay an upfront fee.
The FCA says some customers are persuaded to pay multiple fees, with the average loss being £740.
The regulator added that research shows that seven out of ten consumers (72 percent) had not heard of such lending scams. It urged people to check that a loan provider is authorized by the FCA.
An FCA officer said: In 2017 there were 4,700 reports of loan fee scams made to Action Fraud. It has now overtaken investment fraud as the most common scam reported to the FCA. Scammers often target the most financially vulnerable, on lower incomes and with poorer credit ratings.
This issue is somewhat complicated by genuine loan brokers charging a fee for their services, but fees are not normally paid upfront, other than the cost of a property valuation. Such brokers should be fully authorized with the regulator, and if the loan does not then materialize, consumers have a right to redress. StepUpLoans.co.uk and Step-Up Finance are fully authorized and regulated by the FCA (Register number 303044) and our details can easily be found on their website. All of our Lenders are also fully authorized, and therefore accountable.
Many thanks to the FCA for the information contained in this post.

Let us say “Yes, we can help” – Avoid Loan Fee Fraud

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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A New Lender

A New Lender

A New Lender:

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A new lender has arrived, they are offering lower interest rates and are accepting cases that have been declined elsewhere.
The lender is a very worthy contender to the regular High Street names and has formally launched into the second charge loans sector. They have already had a period of market-testing its new products before launch to a wider market.

Here’s why you should consider them:
• Lower interest rates for many customers with credit issues
• No credit score – what you see is what you get
• Sensible affordability calculator
• Underwritten by humans, not a computer

The combination of these factors has already resulted in them seeing a substantial amount of business in England and Wales. They have cleverly identified niches in the market which are underserved by the regular lenders and you can get better rates and a higher chance of acceptance without being tripped up by your credit score. It’s good old-fashioned, common sense, manual underwriting.

Let us say “Yes, we can help” – A New Lender

Office Telephone: 01379 644061

Office Mobile:  Call/SMS/Text/Whatsapp/Viber  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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Interest Rates

Interest Rates

Interest Rates

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This is very worrying about Interest Rates.

70% of Brits can’t state what the current Bank of England Base Rate is, according to new research from a major online money website.

Just 1 in every 100 Brits understands how a hike of the current 0.5% rate would affect their mortgage repayments.

23% of respondents said they didn’t know how it would affect their pay packet, and 41% believe their pay would not be affected at all.

And when asked what the term ‘interest rate’ meant, 55% admit to not knowing at all, while 8% believe it is the value of how much interest their bank has in them. Very worrying…

81% of 18-24-year-olds did not understand the term ‘interest rate’, compared to 57% of 45-54-year-olds.

40% of men were able to identify the current Base Rate compared to 25% of women, and 32% of women admitted their partner is more knowledgeable on the topic, compared to just 7% of men.

When asked who in their household was the most knowledgeable about rates as a whole, 43% claimed it was themselves – yet the majority of people who answered this way (63%) actually got the current rate wrong, or didn’t know it at all…

There was also a clear gap between different areas of the UK – People in the South West were the most knowledgeable, with 45% of respondents correctly stating the Base Rate, followed by 35% in the South East and Northern Ireland. However, only 14% of those in Wales were able to provide the right figure, the lowest of all the regions surveyed.

A spokesperson for the website said: “…we’re encouraging people to take control of their finances today and learn how any future changes could affect their money”.

And here, at Step-Up Loans, we agree.

“The Bank of England Base Rate is the official interest rate set by the Bank of England’s Monetary Policy Committee. Banks and Building Societies use the Base Rate to calculate interest rates for some mortgage and loan products. The Bank of England Base Rate is currently 0.50%

All clear?

Let us say “Yes, we can help” – Interest Rates

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, Viber  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Secured Loan

Secured Loan

Secured loan

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When is it time to think of a secured loan? Well, if you thinking of raising money for household maintenance, repairs, extensions or perhaps personal costs or a large tax bill, then, for most people, a remortgage is probably the first thought. Remortgaging has hit a 9-year high and can allow often allow you to switch to a product more suitable for your financial situation, often improving your payable interest rate. However, borrowers with bad credit, very small mortgages or who are self-employed, may discover that the application process and fees incurred from a remortgage can offset these advantages.
A second charge mortgage/loan, often known as a secured loan, is an additional loan paid alongside an existing mortgage, often with another lender being used. So, what are the benefits of a secured loan?

Low Credit Score
Previous or current adverse credit such as County Court Judgments (CCJs) or defaults on payments, will likely cause either a rejection by a lender or higher interest rates when applying for a remortgage. Second charge loans offer a viable alternative for those with adverse credit, as many lenders do not rely on credit scoring alone to approve loan applications – there is a degree of human underwriting involved. They offer a more bespoke approach based on your individual circumstances, which means they can make decisions based on the whole picture providing it can be evidenced that the loan is affordable to you. Second charge mortgages are regulated by the Financial Conduct Authority meaning you are offered the same protections as those provided in connection with first charge mortgage lending.
We have access to a recently launched second charge product from one of our many lenders, that has no minimum credit score, considers each application on a case-by-case basis and accepts CCJs and defaults either below £350 or over 2 years old.

Self-Employed or Fluctuating Income
It can also be difficult for self-employed workers, zero-hour contract applicants or those with a fluctuating income to apply for a remortgage due to the tougher regulatory stance now being taken by lenders, on both income and your ability to repay a loan. As with those with a poor credit rating, second charge loans are often a way of assisting self-employed borrowers providing you are able to evidence your income. We have access to a second charge lender that only requires one year’s self-employed trading history and will consider undistributed profit and projections.

Speed and Cost
Another benefit of a second charge loan is the speed and cost of the application process when compared to that of a remortgage, which could incur large costs such as an ‘Early Redemption Charge’ (ERC) potentially running into thousands of pounds as a penalty for ending your current mortgage product early. With a secured loan there are options to pay survey fees upfront or add them to the borrowing, and there are no conveyancing or solicitor costs, unlike a remortgage. Where speed is important, where time or deadlines are tight, or you need to raise money quickly, remortgaging can be a lengthy process, most commonly taking between one to two months providing that the application runs smoothly and doesn’t have any problems. Complications such as a rejected application may be more common with self-employed and low credit score applicants. Hence, the benefits of a secured loan with funding in a matter of a few days, perhaps a couple of weeks, make clear and logical sense when compared to a remortgage.

Let us say “Yes, we can help” – Secured Loan

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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