1. What is a secured loan?
A secured loan requires the borrower to provide some form of security for the lender. In the case of all our lenders this will be your house. Secured loans are sometimes known as second mortgages as they become second charge on your house behind your existing mortgage (your first charge).
2. How much time will it take to process my loan?
It can vary from loan to loan and from lender to lender, but we’ll always keep you informed with an up-to-date estimate. The average time taken to completely process and payout a loan is 30 days from receiving signed documents from you.
3. I jointly own my property with my partner. Do I need to complete a joint application?
Yes, if you jointly own your house then you will need to make a joint application as you both have an interest in the property. You will both need to sign all the relevant forms and legal documents.
4. I'd like to speak to you, how do I get in touch?
If you have any questions and want to call us then please do so on 0800 032 5272. Alternatively you can email us at info@centralcapitalloans.com.
5. I'm married. Do I need to make a joint application?
Yes, if you are married you will need to make a joint application as you both have an interest in the property (even if the house is registered in only one name). You will both need to sign all the relevant forms and legal documents.
6. What information will I be asked for?
The online application should all be information which you know off the top of your head. If there’s anything you’re not sure about a good estimate will be good enough, but obviously the more accurate the information you provide, the more accurate the quotes are at the end.
If you decide to proceed there will be some additional information required such as proof of income or proof of address. Every application is different and you will be provided with a personalised list of requirements along with the loan documents.
7. Will I have to pay any fees?
There are no upfront fees associated with our service or that of any of our lenders. Completing our application online is also free.
We may charge a broker fee if you proceed with the loan. If this is the case, the fee is added to the amount you borrow which you then pay interest on, but this will be incorporated into the payments you see online.
Some of our lenders may also charge a lending fee. Again this is only charged if you proceed with the loan and is added to the amount you borrow. If applicable, this fee will also be included in the payments you see online.
8. How much can I borrow and what terms can I repay it over?
Our lenders offer loans ranging from £5,000 to £100,000.
Repayment terms vary from 36mths to 360mths (3 years to 30 years).
If you enter your preferred amount and term into the application form we will endeavour to match it. If we cannot do exactly what you are looking for, we will try to offer a close alternative. Once you have your offers you will be able to amend the amount and term to see what difference they make to the monthly payments.
9. What can I use the loan for?
In short you can use our loans for any legal activity. A majority of people take a secured loan to consolidate existing debts, but you can also use the money for home improvements, buying a car, helping with university fees or wedding costs, or even for the holiday of a lifetime.
10. Will a credit search affect my credit rating?
Our system uses something called an 'Enquiry Search' to access your credit profile. No matter how many times an enquiry search is carried out, there is never any effect on your credit rating.
If you proceed with a loan application and return signed documents, an 'Application Search' will be done on behalf of the lender. This may affect your credit rating as it is used by the lender when deciding whether to lend you money.