You could receive your loan in as little as 3 days!
Representative Example: A secured loan of £31,000 payable over 7 years on a fixed rate of 9.83% for the first 5 years, followed by a variable rate, currently 9.69%, would require 60 monthly payments of £553.17 followed by 24 monthly payments of £552.39. The total amount repayable would be £46,447.56. This includes interest, an arrangement fee of £1,999 and a processing fee of £499. The overall cost for comparison is 13.1% APRC representative.
What to consider before applying for a secured loan:
There are three main factors to consider before you think about taking out a secured loan.
Affordability:
Although mortgage lenders carry out affordability checks to ensure that you can afford the mortgage payments, it’s important to consider whether you can afford the loan before applying. Loans are only available to eligible borrowers and are subject to credit score, lending criteria, and individual circumstances.
To get a better understanding of your affordability, why not try listing out your monthly income and expenditures? Make sure to include essential out-goings, such as utility bills and your rent/mortgage payments and your non-essential out-goings, such as your gym membership. You should also consider the future, will there be any potential costs that could cause an issue within the duration of your loan period? Such as a change in your disposable income.
Loan-to-value:
One of the first things a mortgage lender will check is how much equity you have in your property. In short, equity is the difference between the value of your property and how much is left to repay on your mortgage. Once you know your outstanding mortgage balance and property value, you can figure out how much equity you hold in your property.
To do this simply subtract your outstanding mortgage balance away from the property value. For example, if you have a property worth £100,000 and you have a mortgage of £75,000 left to pay, you will have £25,000 equity available in your property, which is 75% LTV.
However, this doesn’t mean that you can borrow the full £25,000. Lenders will allow you to borrow up to a certain percentage of the equity you have in your property, this is known as a loan to value (LTV). It may sound confusing, but don’t worry, when you enquire about a homeowner loan with us, we’ll work all of this out for you.
Interest rates:
With a secured loan you will be offered a fixed or variable rate. If you decide on having a variable rate, there is a chance your monthly repayments will increase. So, it’s important to consider this when checking your affordability. Ask yourself, if your monthly repayments were to increase, could you still afford them?
Remember, you may not be eligible for the advertised interest rate by a lender. The rate you’re offered may depend on how long you're looking to borrow the money for, how much you want to borrow, the value of your property and your credit profile.
How do I apply?
Applying for a secured loan is usually a straightforward process.
To begin with, you just need to find out how much equity you have in your property and decide how much you are looking to borrow. When you’re ready you can call us, start a live chat with one of our mortgage advisors or submit an enquiry online.
We’ll then call you to discuss your enquiry. Once we have your documentation we can look at possible rates and loan terms. We’ll provide you with the best deal we can that suits your needs and circumstances.
Borrowing directly from us means we will work with you from start to finish. From your initial enquiry, right up to when the money enters your bank account. So we’ll do our best to make it as straightforward as possible.
We know money is not an easy thing to talk about sometimes, but we have a team of friendly advisors that will talk and support you through the process. So, if you’re ready to talk, we’re ready to listen.
What information do I need to apply for a loan?
When applying for a loan, lenders are likely to ask for various documentation to support your loan application. For example, they may ask for:
It’s important to bear in mind that the type of documentation you will need to provide will vary from person to person as it depends on you individual circumstances.
How much can I borrow?
For secured loans, up to £250,000, however, as mentioned above how much you can borrow depends on how much equity you have in your property.
As well as your equity, how much you can borrow will vary between mortgage lenders. Each lender has their own criteria, for example, some lenders may be hesitant to accept applicants with a poor credit profile as they are considered more of a risk. However other lenders may be more understanding.
Mortgage lenders should only agree to a loan that is affordable for you. Here at Central Trust, we aim to find an affordable loan, suited to your needs. If we can’t achieve that, we will tell you. We’ll never encourage you to put yourself in financial harm’s way.
Can I apply for a loan with bad credit?
If you have bad credit and a low credit score, your choice of lenders is likely to be more limited.
However, this doesn’t mean you won’t be accepted for a secured loan. You may need to speak to a specialist mortgage provider like Central Trust that offers loans for bad credit.
We understand that life happens and there’s more to your story than your or your recent pay slip, which is why we consider all credit profiles, including defaults, CCJs or missed payments.
Why choose Central Trust?
Fast and Simple Process
You could access funds within days by calling our team directly or enquiring online.
Over 35 Years’ Experience
We are one of the UK's longest established specialist lenders, so you can relax knowing you're dealing with an experienced team.
Authorised and regulated by the FCA
We are committed to responsible lending, clear communications and good customer outcomes throughout the borrowing journey.
Your Loan,
Tailored for You.
Consolidating debt? Paying for a large expense like home improvement or a wedding? We have you covered.
Unlike many other lenders, there is no strict automation to our lending decisions. Your application is assessed by our team, not by a computer.
Stephen Stone
2 years ago
Incredible company. Empathetic and supportive staff that know how to offer customers a package that suits them. I was fed up with automated systems from the standard banks. This company talk to you and help you find something to suit your circumstances. I cant thank them enough for how they helped me
Greg Erasmus
3 years ago
When I contacted Central Trust I had a very strict deadline to make a payment. Jenny was extremely helpful and informative and got the process started straight away. The whole way through I was kept informed at every stage of my application and any hiccups was swiftly dealt with. I can't thank Jenny, Tara and Stephanie enough for their help and professional service. Highly recommend.
Edward Mawby
3 years ago
I originally left a review that said I was not satisfied with the service provided, however after being in touch with Tara I felt she tried her best to get the answer we wanted. Unfortunately it didn't work out, but she left us feeling optimistic that we can go back in a couple of months time to try again. Thank you for doing your best to help!
Anglela Ferrante
3 years ago
What an absolute delight of a company. Following setback created by the mini budget, I was left in a predicament, central trust came to the rescue and provided an excellent swiftly process. I would highly recommend using them. I dealt with Jenny who couldn’t of been more proactive and helpful.
Gwenda Squire
6 years ago
Really friendly, professional service. Completed within a matter of days. Would highly recommend
David Cutler
6 years ago
Mostly good, gave me the wrong return address for a form that needed a signature witness which meant the form was lost and I had to go through the hassle of finding a witness again. Asked me to send a settlement figure which they had already received from me and had acknowledged receipt. But on the whole much more efficient, faster and more communicative than the bank who I applied to borrow the money from.
S RC
6 years ago
John Holden
6 years ago
How it works
Organising your finances can sometimes feel stressful, but we want to make it as easy as possible for you.
In just 3 simple steps you could have the money in your bank account. All you need to do is:
Enquire
Complete our quick and easy online enquiry form. Alternatively, you can speak to an advisor instantly by calling us or starting a live chat.
Share
One of our qualified advisors will call you to discuss your enquiry and work out a monthly payment that meets your needs and circumstances.
Complete
We'll help you complete the paperwork and any other supporting documentation required. Everything can be completed electronically, or on paper if you prefer.
Ready to enquire?
Call an advisor free on:
0800 980 6273
How do I apply?
If you would like to apply for a mortgage then simply use our online form or call us direct on 0800 980 6273.
How long does the approval process take?
The approval process takes around 24 hours to complete.
How do I track the progress of my submission?
We will keep you informed throughout every stage of your submission. From the initial processing of your application through to completion, our underwriting team will provide regular updates and communicate any key developments.