Clearly Loans homeowner loans

Key features of Clearly Loans personal loans

• Borrow £5,000 to £100,000. The amount you can borrow will be determined by factors including your credit score, affordability and the amount of equity in your home.
• Joint application. If you are married, co-habiting or have a joint mortgage, you’ll need to apply with the other person.
• Fixed and variable rates. Depending on the product you choose, you’ll either have a variable interest rate (meaning it can change at the lender’s discretion), or an introductory fixed-rate period that then reverts to a variable rate.
• Spread your loan over 4 to 20 years. You can opt for longer loan terms to keep your monthly repayments down. The interest rate you pay may differ according to the loan term you opt for (amongst other factors).
• Early settlement. You can pay off your loan early in full or in part at any time by contacting Clearly Loans to request a “final settlement figure”. There may be a fee for doing this.

Am I eligible for a Clearly Loans secured loan?

You should only apply for a Clearly Loans homeowner loan if you’re certain you can meet the repayment terms. You must be a homeowner living in England, Wales or Scotland. You also need to have an existing mortgage and be over the age of 21 to apply. If you own your home jointly, you must apply with the other person.

How can I apply

Clearly Loans accepts applications through brokers. You can click on a “get quote” button above, then fill out your contact information and details about your property value and mortgage. An adviser will then call you to discuss your application and suggest the loan that best suits your needs.

Frequently asked questions

• How much can I borrow?

  Clearly Loans offers loans of £5,000 to £100,000 but the amount you can borrow will depend on factors like your credit score, the equity in your home, and your income and outgoings.

• How long will it take to process the loan?

  The lender estimates it will take between 14 to 21 days to process the loan, provided there are no errors in your application.

• What if I have bad credit?

  Clearly Loans states that it may still lend to you despite missed payments in your credit history, or even CCJs. However, an individual voluntary arrangement (IVA), debt management plan or bankruptcy is a deal-breaker.

• What fees will I have to pay?

  You’ll be charged a Lender’s Fee to cover the legal and administrative costs of setting up your loan (the exact amount of the fee should be stated on your loan offer). You’ll also normally incur a broker fee.

• Is there a maximum age for applicants?

  Yes. All applicants must be below 65 years old at the time of application, and the loan should be scheduled to finish before the applicant’s 70th birthday (75th birthday in cases where Clearly Loans is not relying on applicant’s income under a joint application).

• Does Clearly Loans lend on buy-to-let properties?

  No, Clearly Loans currently only lends on owner-occupied properties.