Charles Frank Finance Limited is specialist finance broker, established in 2011 to provide a complete financial broking service to UK homeowners. Our directors have over 25 years combined experience of loan broking and we use this knowledge to ensure that your application is processed as quickly as possible.
At Charles Frank Finance we appreciate that making a secured loan application can be a daunting prospect particularly if you’ve never used a loan broker before.
To try and help you to understand how we process secured loans, we’ve provided you with a summary below
SECURED LOANS FROM £10000 – £2000000
TYPICAL 9.2% APR (VARIABLE).
(RATES FROM 1.911% APR TO 29.9% APR)
A BROKER FEE OF UP TO 10% WILL BE ADDED TO SECURED LOANS. LOANS MAY BE SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
For further information or to apply for a secured loans with Charles Frank Finance apply online or phone our friendly loan advisers today on 02920 007661
Ideal for customers who want to protect their existing mortgage i.e. those enjoying low mortgage rates or who want to stay on an interest only repayment method
An alternative solution for customers where their existing mortgage lender's criteria restricts further borrowing
Avoid ERC's-Many first mortgage products carry ERC's particularly on fixed rate / discounted rate and tracker rate products.
Further Advance refusal-applicant has been declined further advance from their existing first charge lender
Change of circumstances: i.e applicant now self employed, change in income or adverse credit.
Second charge lenders often have a different approach to assessing income and adverse credit.
If a client is clearly benefitting from the loan and more importantly can afford the loan, lenders are prepared to look at individual applications on their own merits.
Key product features
Lifetime Bank of England base rate trackers
2,3,4,5 and 10 year fixed periods reverting to Lifetime Bank of England base rate trackers
Capital and Repayment
Quicker than a remortgage
No ERC's on certain products
Although you may have an idea in your mind how much you want to borrow its always worth working out how much you actually need to borrow and whether you can then afford the repayments on this amount. You should bear this in mind if you already have some unsecured loans or credit cards where you’re already paying higher rates of interest. If so you need to consider whether you’d be better off consolidating these over a longer term or maintaining them as they are.
Once you worked out how much you want to borrow, you can either phone our secured loans advisers on Freephone 0800 054 2066 or apply online. If you don’t have much time, you can ask our advisers to call you back at a more convenient time. On making an application you will give us your permission to make any checks on your credit file, which are needed before we can source with one of our lenders.
When we receive your secured loan application the first thing we do is obtain a credit check through a credit reference agency such as Experian or Equifax. This will help us to determine the most appropriate lender according to your personal circumstances. It is worth remembering at this point that not all secured loan lenders are the same. For instance some will accept certain levels of adverse information on a credit file and others won’t. Some will accept self employed applicants and others won’t. Once we found the most appropriate lender we prepare a quote for you and issue an advance copy of the proposed agreement.
A cooling off period is now applicable for 7 days however you can choose to waive this by returning any documentation required at any point. If you’re unsure about any details on the ESIS, you can contact us at any time and we can answer any questions you may have.
After you have received the mortgage illustration and chosen to proceed, we then issue all the loan documents to you for signing. We also request any additional details we will need from you as part of the loan processing, such as signature ID, address ID and original payslips if you’re employed or SA302's if you are self-employed.
When we receive the secured loan documents back from you, included will be an authority to mortgagees. This authority allows us to check some mortgage details with your mortgage company, including the balance outstanding, monthly payment and if any payments have been missed in the last 12 months. When we request this from your mortgage company, they usually charge us a fee for supplying the information and their response usually takes 7-10 days to arrive back at our offices. We may also require your mortgagees consent to any secured loan and if required, we request this at the same time.
Once we have all your signed documents and your mortgage companies consent to the secured loan, we need to assess the value of your property to make sure there is sufficient equity under our lenders criteria. Each of our lenders has a panel of approved surveyors which we can use to obtain a secured loan valuation.
Once we have all your signed documents, the reference and consent from your mortgage company and the valuation, your ‘full case’ details can be sent to our lender for this final checking before payout.
Once our lender is satisfied that they have all the information required to complete the secured loan for you, they will then release the binding-offer and undertake a brief security phone check with you. All secured loan lenders do this and it is nothing to worry about. They simply need to check the application details and to protect you as the applicant.
On completion of your secured loan, our lender will send you a cheque for the amount requested. If you had any existing secured loans that were to be redeemed from the proceeds of your new loan, or any arrears on your 1stmortgage, these will be deducted from the loan amount and sent direct to the lender. The lender will then return all your original documents to you.
Processing a secured loan should take between 3-4 weeks depending how quickly the signed documents are returned to us and how quickly the mortgage company supplies their reference.