5 replies 3.7K views
Latest MSE News and Guides
Martin and MSE campaign win
April's 20% energy price guarantee hike postponedMSE News
Childcare budget boost
More support for children from nine months and those on Universal CreditMSE News
Energy Price Guarantee calculator
How much you'll likely pay from AprilMSE Tools
and also, here -
What questions will the application form ask?
A typical application form can be several pages long, if you're struggling to understand how to answer any questions on your loan application form the fastest way to resolve it is to speak with your broker or lender as soon as possible. Clearly you should always answer truthfully and completely. Save yourself some time and get a head start. Here's a list of the questions you'll likely need to supply answers to:
If you get an initial proposal from a broker, I'd also ask them to answer these questions in writing before committing to an application fee.
- Do you arrange regulated or unregulated loans?
- How long does a bridging loan take to approve in principle?
- Do you charge an application fee?
- If you do charge an application fee, is it refundable and are there any terms associated with the refund?
- How long does a bridging loan like the one I need generally take to complete from application?
- What are the criteria for a bridging loan?
- What is the average interest rate on the kind of bridge loan I need?
- What is the likely interest on this bridging loan?
- Do you charge an arrangement fee, if so what is this?
- What are the total fees on this bridging loan?
- Will I need a solicitor for a bridging loan or can you provide dual representation?
- Will I need the services of an independent financial advisor to complete this application?
- Do you need to complete an in-person valuation of the property or will it be a desktop valuation?
(If the loans secured against your home then you'll need a regulated loan)
(State: please be realistic - I'm trying to set my expectations here - do this especially if you have a deadline in mind that you need to meet)
(If its secured against a property then what's the max Loan To Value I can obtain?)
(Ask them whether they've recently completed any similar bridging loans, and if so, ask what rate they achieved)
(If so, how much is that?)
(if so, how much is that typically?)