How much could I borrow?
The amount you could borrow with a secured loan depends on your financial circumstances, the lenders criteria and the value of the asset (usually your home) you are looking to secure your loan against.
At Central Trust, we provide loans from £3,000 up to £250,000. We want to help as many people as we can, which is why our criteria is more flexible in comparison to most high street lenders.
There must be enough equity in your home to cover the amount of money you wish to borrow. To work this out simply deduct your outstanding mortgage balance from the value of your property. At Central Trust our maximum loan to value is 75%. This means that you need to own at least 25% of your property.
For example, if you had a property worth £250,000 your remaining mortgage would need to be £187,500 or less in order to raise any money.
It’s good to have a rough idea what equity you have in your home, but don’t worry if you don’t know the exact figures before enquiring. We can discuss this with you and see how we‘d be able to help.
The amount you can borrow also depends on your financial circumstances. Most lenders will look at your financial history, your income and your credit score when deciding if they can lend you the money or not. These checks are carried out to ensure that you can afford the mortgage repayments for the duration of your loan term.
Even if you have previously been declined due to your credit history, it doesn’t mean that every lender will turn you down.
Whilst some lenders may not be able to assist people with bad credit, at Central Trust, we consider all credit histories, including defaults, CCJ’s, missed payments and those on debt management plans. These are however subject to our criteria and underwriting standards.
We consider all applications on an individual basis, so whatever your credit circumstances we will try our very best to help you.