Secured Loan Application Process
Borrow with us and you could receive your loan in as little as 3 days.
Borrow up to £250,000
Flexible terms from 3-25 years
We consider all credit histories
Employed, self employed, pension and benefit income
We're a direct lender, so there are no hidden broker fees
Representative Example: A secured loan of £43,000 payable over 9 years on a fixed rate of 10.43% for the first 5 years, followed by a variable rate, currently 12.00%, would require 60 monthly payments of £651.19 followed by 48 monthly payments of £670.67. The total amount repayable would be £71,263.56, this includes interest, an arrangement fee of £1,999 and a processing fee of £499. The overall cost for comparison is 12.9% APRC representative.
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:
1: 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.
2: Your details
One of our qualified advisors will call you to discuss your enquiry and work out a monthly payment that meets your needs and circumstances.
3: We'll do the rest
We'll help you complete the paperwork and any other supporting documentation required.
What do our customers say?
You can relax knowing you’re working with a highly rated team. But don’t just take our word for it, visit our website and read our reviews – they speak for themselves.
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.
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 secured 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 your looking to borrow the money for, how much you want to borrow, the value of your property and your credit profile.
Why choose Central Trust?
35 years' experience
We are one of the UK's longest established specialist lenders trading since 1988 giving us over 35 years' experience providing secured loans, homeowner loans and second mortgages.
Simple application process
You can call our team directly on 0800 980 6273 (Mon-Fri:8:00am-7:00pm) or you can enquire online at any time using our quick and easy online form.
All credit considered
We understand that life happens and there's more to your story than your credit score or recent pay slip. So if you have a less than perfect credit score we could still help.
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:
- Your current address – lenders will ask for your current address and any previous addresses in the last 3 years.
- Your bank statements – you may need to provide your bank details so they can see your expenses and outgoings.
- Details of your employment – lenders will ask to see a proof of income, to ensure that you are able to pay the loan back.
If you have a low income, we may still be able to help. We accept self-employed, benefit and pension income.
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.
Case studies
Home improvement loan
For an applicant with poor credit history.
Secured loan
For a self-employed client with limited trading history.
Debt consolidation loan
For an applicant with multiple lines of credit.
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 are 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, CCJ’s or missed payments
Ready to enquire?
Talk to our qualified mortgage experts now
Friendly UK based advisors
Enquiring won't affect your credit rating
Fast turnaround times 7-10 days is possible
No phone menus - immediate contact from our advisors
We are a direct lender, so we'll work with you from start to finish