secured loan providers

Secured Loan Process

Below you will find an explaination of how the secured loan process works
To apply for a secured loan simply complete the application form below
homeowner loans
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Loans subject to status and secured on residential property by way of a second charge. Consolidating debts may increase the term and total amount payable. A broker fee of up to 15% may apply. Minimum age 18 years.


How The Secured Loan Process Works

Stage 5 - consent and valuation

Once both sets of documents comprising all necessary paperwork have been signed and returned, we set out to obtain a mortgage reference or consent to a second charge from the first charge lender. Once these have been arranged, we have almost everything we need on file to support the application.

The last thing to do is to instruct the valuation, which will be carried out by a panel surveyor of whichever lender we will be submitting the loan to. This will generally come back to us within 48 hours. As ever, some lenders will accept a desktop valuation but in most cases a full valuation will be carried out.

Stage 6 - quality check

Presuming the valuation is satisfactory, whoever is dealing with the case will run it by a senior member of the Enterprise team, who will review it in detail one last time.

This is essentially a quality check we have in place to ensure that when the application does get to the lender, everything that should be in the case file is in the case file.

We carry out this final quality check as it speeds up the completion process with the lender.

Stage 7 - submit case file

After the quality check, we will submit the full case file to the lender. Some lenders are happy to receive everything on email, others prefer to receive everything in the post.

It’s also worth pointing out that certain lenders will allow us to submit a part-completed pack half-way through the application so that they can start assessing it in advance.

This clearly speeds the process up even further as they only have to press the button once the rest of the pack comes in.

Stage 8 - fraud check

Once the lender has all the information and is happy with it, prior to drawdown of the funds it will call the client directly and ask them some general security questions. This is merely to safeguard the borrower against fraud and does not constitute further due diligence.

Presuming the call is successful, the lender will then pass the fully completed case to its credit committee where it will be signed off by one or more directors.

Once this is done, the funds will be released, usually by BACS but sometimes in the form of a cheque. Typically, the whole process from start to finish will take three weeks.

The process above was for CCA-regulated loans. The process for loans secured against a buy-to-let property is the same but there is no 8-day legal consideration period. Clearly, this means they will typically be arranged quicker than CCA-regulated loans.

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Secured Loan Providers is regulated by the FCA registration no : 0658837