How it Works

Unlike with other companies, getting a homeowner loan through UK Loan 247 is quick and straightforward, and only involves 4, simple processes.
1. Online Application
First, we will need you to submit your contact details and loan information by filling out our online form. Doing this is free, and only takes about 60 seconds. Afterwards, we will review your application and will get in touch with you shortly.
UK Loan 247 will go through our database of homeowner lenders, and match you with ones that fit your personal needs and preferences exactly. We will consider your financial circumstances in order to recommend a deal that you’ll most likely qualify for, and one that you can afford for the long term. After going through the results, we will then call you back and give you a free quote.
All of your information is sent via secured server, so you’ll never have to worry about your personal details being accessed by third parties, nor will we share them to anyone. We only collect your personal information so that we can follow up with your application and send you a free quote.
2. Completion of Paperwork
We will narrow down your choices as much as possible in order to save you time. If you like the quote that is given to you, you can decide to proceed with the application. We will instruct you with the requirements that you’ll have to prepare and submit. After ensuring that your paperwork is complete and accurate, we can now forward your application to your chosen lender.
Please be informed that this initial phase will have no bearing on your credit rating. We will only perform soft searches to obtain the necessary information that we will need to match you with a potential lender, but hard searches will only be done by the lender if you decide to pursue your application with them.
3. Property Valuation
This is the part where the lender will check on your property, whether you are the real owner or whether you own it jointly with someone else. The real value of your asset will also be assessed. The lender will investigate how much outstanding mortgage balance is left, or whether you have another secured loan. In the event that you do, this might increase your interest rate, because the lender will become the third mortgage, and will be the last to collect payments from the sale of your property in the event of default.
After determining the cost of remaining mortgage balance and any other loans secured against the property, this will be deducted from the market value of the home in order to calculate how much the homeowner’s equity is. This will give the lender an approximate figure of how much you are eligible to borrow.
In addition to property valuation, the lender will have to perform a thorough credit check by pulling out your records from the credit reference agencies. This is done in order to assess the level of risk in giving you a loan. Needless to say, the better your credit rating is, the more competitive the rates that will be offered to you.
4. Collection of Funds
The whole process may take about three to six weeks, during which time you are entitled to a “cooling-off” period, which gives you ample time to reconsider your application. If there are no problems whatsoever, you can expect your funds to be available within a month via cheque or bank transfer.