Many companies who provide short-term loans, like ourselves, will ask you to complete a quick quote form. This allows us to get an idea of how much you want to borrow, the time period you want the loan for and what you want to use the funds for. When one of our Mortgage Advisers calls you to discuss your enquiry, they will have already used this information to start to look at the different options available to you. Our short-term loan search will not affect your credit rating in any way.
When a Mortgage Adviser calls you to discuss your quick quote, they will complete a short-term loan application over the phone with you. The questions which they will ask will provide them with a much more detailed overview of your income, property and employment, to enable them to advise on the best product available to suit your needs. It may be that our Mortgage Adviser establishes that a short-term loan is not the most suitable option for you, in which case we will advise you of this.
If it is decided that a short-term loan is the best way for you to quickly raise the funds then the Mortgage Adviser will contact several lenders to find out which one will consider lending the funds to you and what the best terms they can offer are.
Unlike mortgage applications, many short-term lenders base decisions on a common sense lending approach rather than a stringent set of criteria, this allows the Mortgage Adviser to be able to negotiate a deal tailored to your specific needs.
The Mortgage and Protection Adviser will then contact you again to discuss the rate, costs and process. If you are happy to proceed then we will ask you to pay an arrangement fee. Due to these loans normally needing to be completed within a short time frame, this small upfront fee covers the time which the adviser will need to invest processing the case. Visit our fees webpage to find out what we charge on short-term loans.
If you are happy to proceed then we will need to underwrite your application before sending it to the lender. This means that we will need to fully assess your income and expenditure, credit profile and references. Normally we will need you to supply us with the following documentation to allow us to do this:
Once we are happy that the documents match the information you have previously provided us with, we will work with the lender to process your application. At this stage, the lender can still reject your application if they are not happy with the property, amount you wish to borrow, your employment status or income. If a lender does decline your application then we will try to explain the reasons for this to you and cascade your application to the next best available product.
The role of the solicitor will vary greatly depending on whether you are purchasing a new property, raising funds to renovate a property or clearing tax liabilities etc.
Most lenders will allow you to choose your own solicitor however some use a restricted panel. Your Mortgage Adviser will inform you of this if this is the case. It is vital that the solicitor you choose to instruct is experienced dealing with these types of loans as the timelines can be very demanding. Ingard can recommend a few solicitors who offer an exemplary service in this field.
The lender will need to instruct a surveyor to carry out a valuation report on the property which the loan is being secured against. In some cases, if the property has had a recent survey then the lender may accept this, however, the surveyor will need to re-address the survey to the new lender and they may charge a fee for this.
The lender will charge you for the cost of the valuation as part of their fees.
Once the lender has finished processing your short-term loan application and they have confirmed that they are happy with the property valuation, the lender will send you a formal offer. If you are happy to proceed then your solicitor will be sent a copy and can arrange for the funds to be transferred to you.