beginners guide

Objection Handling

  • I’m worried that the loan will be secured on my property
    • You will already have a mortgage secured on your house and the secured loan would simply be an extension to this. The benefit to you is that the extra security for the lender enables them to provide you with a very competitive rate. If you have already been refused for an unsecured loan this provides a route for meeting your financial needs. If you default on an unsecured loan there is still the possibility of a charge/restriction being registered on your property.
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  • What about variable rates?
    • Because of the various circumstances our customers find themselves in, we provide a wide range of products via our lenders to meet individual needs. These circumstances will determine which will be the best products for our customers and we will always seek to achieve the lowest rate possible. However, this can only be assessed by submitting a full application.
    • Please remember that we do have fixed rate and interest only options available for you.
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  • Is it OK that it’s only me on the application?
    • Yes, if the current mortgage is in your name only we can also do the secured loan under a single applicant. However if there are 2 names on the mortgage the secured loan will have to go in both names.
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  • I’ve had a bad previous experience with secured loans
    • Tell me what happened?
    • Over the last few years secured loans have become a familiar and popular product within the financial services market, helping many individuals find a route to freeing up equity in their property. Over £4 billion of gross new lending was seen in 2006 with the trend moving upwards.
    • We will always treat all customers fairly, meaning that we will:
      • Always provide the best rate available from the whole-of-market
      • Seek to meet your individual requirements
      • Always work within FSA and CCA guidelines
      • Deliver a standard of service which you rightly expect
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  • What is the product range?
    • We have 15 different lenders on our panel with literally thousands of products to suit all needs and circumstances. These include:
      • Fixed
      • Variable
      • Interest-only
      • Payment holidays
      • Deferred payments
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  • How long will it take?
    • Our average completion time is between 2-4 weeks but that depends on whether we have received all of the required information and all the appropriate documentation is returned as soon as possible.
    • We always work in partnership with both yourselves and the lenders to ensure that we process your application as quickly and efficiently as possible.
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  • Why should I choose a Secured Loan over a re-mortgage?
    • If you re-mortgage, you may face high redemption penalties. A Secured Loan will avoid this.
    • If you have a fixed-rate mortgage this may still be highly competitive compared to current interest rates. A Secured Loan will protect your current fixed rate.
    • You may want to keep any additional debt separate to your main mortgage account.
    • A Secured Loan can be paid off in a shorter period of time than your mortgage balance.
    • Your circumstances or credit status may have changed since you took out your mortgage. A Secured Loan will help you avoid exposing your whole mortgage to potentially higher rates.
    • It may be difficult to re-mortgage to obtain funds for just any purpose – a Secured Loan can almost certainly be arranged for any purpose.
    • Secured Loans are turned around much faster than a re-mortgage, with less hassle. Perfect if you need to raise funds quickly.
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  • Won’t the interest rates be higher?
    • Like any finance, the interest will depend purely on your circumstances. We will select the product to suit you from a wide panel of specialist Lenders, and only offer the most competitive rates available.
    • Many of our lenders’ products are very competitive when compared with the high street lenders
    • Low rates from 6.9% APR. The overall cost for comparison is 10.9% APR typical - variable. Over 60% of our customers receive a lower APR than the typical rate shown; our highest rate is 19.9%APR variable. If advising on rates you MUST read the above word for word for compliance purposes.
  • What about terms & redemption penalties?
    • Our repayment terms start from 5 years and loans under £25,000 can be settled early with very low redemption fees. For loans over £25,000 we also have lenders who offer very low early redemption penalties – would you like us to include this facility in your application?
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  • What about my bad credit, CCJs or mortgage arrears?
    • We have Lenders who specialise in providing finance for sub-prime applications.
    • All circumstances considered, including CCJs, mortgage arrears, bankruptcy petitions and IVAs
    • Consent not always required from your existing mortgage lender
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  • I’m self-employed and have no accounts / can’t prove my income
    • We have Lenders who specialise in providing finance for “non-status” applications.
    • Non-status is a term applied to many circumstances, including people who are self-employed, on benefits, want to declare their own income or are at the older end of the market.
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  • My house is ex-local authority
    • Council discounts received on purchase of ex-local authority properties are ignored by some of our Lenders – you may still be eligible for a Secured Loan.
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