Frequently asked questions

• What is debt consolidation?
• How long will my loan/mortgage application take?
• What happens once I have submitted my application to this website?
• I can't find the right category for my loan/mortgage, what should I do?
• I am not a homeowner, can I still apply for a loan/mortgage?
• I have already been refused a loan/mortgage, can you help?
• Do you deal with other financial products/services apart from loans and mortgages?
• What is equity release?
• I have been advised to remortgage my home as interest rates are currently lower. Is this true?
• I am a first time buyer and property prices are very high in my region.Can you help with any special deals that might help me get my foot on the property ladder?
• How much can I borrow?
• I need to raise finance for my widowed mother who needs long term care which social services have refused to fund. How can I achieve this?

  What is Debt Consolidation?

If you have a number of loans (including your mortgage) and credit card accounts, you may wish to consolidate these debts to reduce your regular monthly payments. If you are a homeowner you could achieve this by remortgaging your property. Furthermore you may find just having the one single monthly payment far more manageable and with interest rates low and using the capital tied up in your property you could actually save money. Consider the following example:-

Current Debts	Amount (£)	Monthly Payment (£)
Mortgage	50,000	218.75
Car Loan	10,000	320.40
Credit Card	2,000	100.00
Store Card	500	50.00
Total	62,500	689.15

Mortgage rate above based on Interest Only payment @ 5.25%. Loan details based on 9.9% apr over 3 year term.

Using the mortgage calculator based on an interest rate of 5.25% for £62,500 on an interest only mortgage your monthly outgoings are reduced to £273.43. You may even wish to increase the amount you borrow for home improvements, a new car or a well deserved holiday. <<back to top>>

How long will my application take?

In some cases our advisors can give a 'same day' decision. This will all depend very much on your circumstances and the amount and purpose of the loan. But we will act as soon as we receive your application and you will get a 'decision in principle' which allows you to concentrate on looking for the house, car or whatever in the safe knowledge that the funds will be available when you need them. <<back to top>>

What happens once I have submitted my application to this website?

As soon as we receive your application we will search for the best deals available to you based on the information you have supplied. The advisor will then contact you to arrange your loan or mortgage. Obviously it helps if you have filled in one of the 'full' forms and provided us with as much information as possible.<<back to top>>

I can't find the right category for my loan/mortgage, what should I do?

If you scroll down to the bottom of either scrollbox there is a generic 'other' form that you can use. <<back to top>>

I am not a homeowner, can I still apply for a loan/mortgage?

Yes you can. Click here to apply for a personal loan.<<back to top>>

I have already been refused a loan/mortgage, can you help?

We have access to many of the UK's leading advisors, some who specialise in helping people who may have had difficulties obtaining a loan or mortgage from high street advisor. Please provide us with as much detail as you can as to why you have been refused so that we can match your circumstances to the corrct advisor.<<back to top>>

Do you deal with other financial products/services apart from loans and mortgages?

Yes we do, we have access to expertise in pensions, insurance, investments, tax advice and in fact, any financial service available. Please email us with details of the particular service you are looking for and one of our experts will contact you very soon. <<back to top>>

What is equity release?

Equity release is a means of releasing some of the capital tied up in the value of your home. In recent years this is becoming increasingly popular for retired people who have paid off their mortgage and own their home outright. The money can then be used for any purpose and is repaid when you pass away and the estate is sold.<<back to top>>

I have been advised to remortgage my home as interest rates are currently lower. Is this true?

There are currently a lot of very attractive deals on the market and it is likely that you could reduce your monthly mortgage payment by remortgaging. Click here to see a few of the current deals available and use the mortgage calculator to work out how much less you could be paying at some of the rates quoted.<<back to top>>

I am a first time buyer and property prices are very high in my region. Can you help with any special deals that might help me get my foot on the property ladder?

Complete our first time buyer form to let us know your circumstances. This is a problem for many people, particularly the young, trying to get their foot on the property ladder. It may be that a discounted mortgage may help with lower repayments in the first two or three years, but if the mortgage available to you is not enough to buy a property in the first place then this isn't much help.

A popular alternative scheme at present is shared ownership. This scheme has been supported by the government to help people in this situation. In partnership with a housing association you buy half a property and rent the other half off of the association. At a later stage when your earnings are higher you can then start buying the rest of the property off of the housing association so that you eventually own the whole property. Click here to complete our shared ownership application form.<<back to top>>

How much can I borrow?

How much you can borrow will depend on a number of factors such as your income, value of your property (if you have one) and any other financial commitments you may have. For a mortgage you may be able to borrow three and a half times (possibly more) your household income. Secured loans and remortgages etc will depend on the amount of equity (value of property minus the mortgage outstanding) tied up in your home. <<back to top>>

I need to raise finance for my widowed mother who needs long term care which social services have refused to fund. How can I achieve this?

This is becoming an increasing 'problem' with us all living longer, healthier lives and there simply not being enough public funds to pay for long term care for everyone.

The most likely reason that social services have refused to pay for your mother's long term care is that she has been 'means tested' and they regard that she can afford to pay for this herself. One of the considerations in this decision would have been based on the value of your mother's home. Presumeably she has no mortgage to pay and owns the property outright.

This being the case she could raise funds through equity release. What this means is she takes out a 'remortgage' as such which is paid off when she passes away and her estate is settled. Equity release is becoming increasingly popular as people are realising that our elderly population is increasing and there simply aren't enough public funds available.<<back to top>>

 

If you have a question that is not answered on this page please email us at contact@apply-for-a-loan.com and we will get back to you as soon as possible. <<back to top>>