Specialist and non-bank lending

Don't fit the bank's boxes?

Non-bank and specialist lenders fill the gaps banks leave: past credit problems, irregular income, a short trading history, complex security or unusual properties. Rates and fees are usually higher, so the plan often includes a path back to a bank once things settle.

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Who it suits

Borrowers with past defaults or arrears
New businesses or recent job changes
Unusual properties or securities
Borrowers needing a short-term solution

What lenders look at

The story behind any credit issues
Your ability to repay now
Equity and the quality of the security
Your plan for moving to a bank later

What to prepare

Tick them off as you go.

Copies of your credit files
A short explanation of past issues
Proof of income
Statements for current debts

Questions to ask

What are the total fees, including establishment fees?
Is there an early repayment fee?
How long until I could move to a bank?
What would make my application stronger?

Everyone's situation is different. Lenders weigh things differently and small details change the answer. An adviser can tell you where you stand with specialist and non-bank lending and what to do next.

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