Non Status Secured Loan Options

The Secured Loan market continues to grow at pace. The combination of people in Tracker mortgages they don't wish to refinance and those who have accumulated some adverse credit and so are not eligible for a (re)mortgage or unsecured loan have meant Secured loans have become an increasingly appealing option for many.

With this growth has come innovation and a range of new players have entered the market with new offerings. One particular segment of the market that has seen substantial interest is the non-status secured loan market where loans are provided for those whose income is  low or not provable. There are many options available when income is an issue ranging from no income required, to self-declaration to one year's account. We felt it would be worth listing the options available from various lenders.

Lender A

• Loans available from £5,000 up to £30,000 (gross) subject to a max LTV of 65%
• No income proof is required but you will be asked to show a means to repay such as  a new business (business letterhead, trade invoices etc) or other future revenue source
• Maximum Debt to Income ratio of the applicant is 45% (unsecured loans not counted in this calculation)
• The property being secured must be worth min £95,000 (no ex-council house, though some exceptions are made for low LTV deals)
• Rates are at 19.8%
• Terms of up to 25 years
• Lender fee of £895 plus a broker fee will apply
• Available in England, Wales and Scotland (Max 50% LTV Scotland)

 Lender B

• Loans available up to £10,000 (net) subject to a max LTV of 75%
• Loans available up to £15,000 (net) subject to a max LTV of 70%
• Loans available up to £30,000 (net) subject to a max LTV of 65%
• Income can be completely self-declared
• Maximum Debt to Income ratio of the applicant is 45% (unsecured loans not counted in this calculation)
• The property being secured must be worth min £90,000 (no flats allowed)
• Rates are at 23.4%
• Terms of up to 20 years
• Lender fees ar £995 for loans >£10,000 and £795 for loans <£10,000. A broker fee will also apply
• Available in England and Wales only

Lender C

• Loans available up to £50,000 (gross) subject to a max LTV of 65%. Min £10,000 gross
• Self Employed applicants are eligible but they will have to show 1 year's accounts
• This secured loan is also available on Buy to Let properties
• Maximum Debt to Income ratio of the applicant is 35% (unsecured loans not counted in this calculation)
• The property being secured must be worth min £125,000
• Flat rates are from 8.54% to 11.37% more for longer terms depending on the tenor of the loan
• Terms of up to 25 years
• Lender fees are £995. A broker fee will also apply
• Available in England and Wales only

If you think one of these loans may suit you or want to discuss your options then do please either call us on 0845 1260350 or fill in our Secured Loan Inquiry form here.

**NB This article was updated in May 2013 to ensure the information is current as of this date