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Whether this is your first time or you have taken out a secured loan before, you may need some additional information before you start your application.
From repayment terms and maximum loan amounts to affordability assessments, loan fees and more, we cover the important basics you need to know.
Most of the time, our lenders do NOT ask for bank statements. Instead, they use ONS (Office for National Statistics) data that is based on the location of the property and the number of people living there.
There can be occasions where lenders will ask you to submit bank statements. For example, self-employed applicants will usually be asked to provide 3 months of business bank statements. This is to establish that the business is still actively trading, especially when using tax calculations (SA302s) that are over 6 months old.
To get a better idea of the type of documents you might need to submit as part of your application, you can speak with a member of our team who will be happy to help.
Most of the lenders we work with usually allow you to add
your fees to your loan amount. This can remove the upfront cost of taking out a
secured loan, so the fees are spread across the monthly repayments.
However, it is important to be aware that adding the fees to
the loan means you will also be paying interest on them as well, which will
likely mean you end up paying more in total.
Some of our lenders will consider a power of attorney application on a referral basis.
A power of attorney allows you to appoint one or more people (referred to as ‘attorneys’) who will be granted the legal power to help you make or make decisions on your behalf.
If this applies to you, please get in touch to tell us more about your situation and we can explain how the process works. We will need to see a copy of the document.
If you’re not looking for a power of attorney application but want to add your partner—whether you’re married or not—to the application, or if only one of you owns the property, our Joint Application Secured Loan Guide will be useful to read.
Our lenders will consider applications from individuals with a criminal conviction, as each submission is reviewed on a case-by-case basis.
However, if the criminal offence is linked to fraud, this may make it more of a challenge to successfully complete the application.
Lenders encourage borrowers to be as transparent as possible with their application, as it helps build trust and ensure there are no unnecessary delays.
Lenders do not generally allow individuals to borrow funds
that will be used to repay gambling debts.
This is because it will likely increase the total amount you
owe and make it more difficult for you to get out of debt.
If you are struggling with gambling debts and need support,
you may find it helpful to speak with a charity like StepChange or GambleAware before applying for any additional finance.
If there are gambling debts on your bank statements that are not deemed to be excessive (usually no higher than 5% of your salary), this tends to be viewed as acceptable by most lenders.
Of course, lenders review each application on a case-by-case basis, so it will depend on your individual circumstances at the time of application.
Before you start, you may find it helpful to speak with one of our advisors who can help you decide if a secured loan is right for you, based on your finances.
Getting a quote won’t affect your credit score
Borrowers have the option to make an annual Optional Partial Repayment to reduce the amount of interest on their loan.
Most lenders will allow a maximum overpayment of around 10% on the loan balance with no additional charge, although this can vary slightly.
There are also some lenders that will allow you to overpay as much as you can afford for no additional charge.
Both options can help to significantly reduce the repayment term, and the amount of interest attached to the loan.
This depends on the lender, although we do work with several that will consider offering loans worth in excess of £500,000.
Most of our lenders do not have a maximum loan limit in place and work on a referral basis for larger amounts.
If you need to borrow a substantial amount of money for a specific reason, get in touch as we can give you an initial idea of the types of deals that may be suitable for you.
The minimum amount of time you can take to repay a secured loan is 36 months (3 years). The maximum repayment term is usually 30 years, which the lender will determine once they have reviewed your application.
Repayment terms can sometimes be extended by lenders, which may help to reduce the amount you pay each month.
However, it is important to be aware that doing so can increase the amount of interest you pay, which will usually mean you end up paying more overall.
Affordability is vital when it comes to secured loans and lenders try to be as flexible as possible with the repayment term to ensure it works with your budget.
If needed, some lenders can break the terms down into individual months – for example, 137 months, 41 months and so on.
Let us know more about the type of repayment terms that work for you and we will try to find the best possible match.
Most lenders use a debt-to-income (DTI) ratio to assess how applicants manage their debt repayments, which is shown as a percentage.
You can use the example below as a general guide to how DTI ratios are calculated:
Each lender applies its own specific (DTI) ratio to determine if an applicant has enough income to cover the proposed monthly repayments for the loan.
There are also some lenders that will place more of an emphasis on income and expenditure to determine the outcome of the affordability assessment.
The Willows team can help you organise your budget ahead of an affordability assessment and advise on the type of information you may need to provide.
When lenders are deciding the maximum loan size they will offer to an applicant, they often use something called a loan-to-income ratio (LTI).
This allows them to place a limit on how much they will allow an individual to borrow based on their income.
However, there are some lenders that do not use a loan-to-income ratio, instead basing their decision purely on income and expenditure.
This explains why there is quite a lot of variances in the type of deals on offer, as each lender applies its own calculations.
During the affordability assessment, not all lenders will include existing loans that have less than 3 or 6 months remaining until the debt is cleared.
This can vary depending on the lender and is reviewed on a case-by-case basis, as some lenders also prefer to include all loan debts in their calculation.
Most secured loans tend to work in the same way as a standard loan or mortgage. This means you agree to borrow a certain amount of money, with added interest, which will be repaid over an agreed period.
One lender offers a Home Equity Loan (HELO) that allows you to agree a maximum loan amount, which you can then draw down and access as and when you need during the first five years of the repayment term.
To find out more, get in touch with our team and we can explain how these types of loans work and their suitability for you.
We’re extremely proud to be rated ‘Excellent’ for our service standards. We’ve helped thousands of customers across the UK over the last 15 years to find the right finance for their needs – no matter how complicated the circumstances. And we look forward to helping you.
One of the best ways to find a secured loan deal is to speak with an experienced broker. It ensures you have instant access to an expert in the loan market who is able to offer specialist advice and guidance about your options. They may also be able to offer deals that are not usually available on the open market, so the terms are tailored more closely to your circumstances.
If you have any questions about secured loans and you want to find out more about how they work, call the Willows team on 01656 766 158.
If you have a question – we’d be happy to talk to you – simply call us…
(Mon-Fri 9am-8pm, Sat 10am-1pm)
See why we're rated
Helpful and Efficient
I would highly recommend Willows Finance. They helped us organise finance recently and were efficient, transparent and proactive throughout the process. They understood our needs, identified and explained the solution clearly, and helped us to seemlessly complete the application. Thank you Willows!
S Hampton
Helpful and informative staff …
Willows finance have been extremely helpful and efficient in finding me a loan, I feel I’ve had just the right amount of contact not too pushy or overbearing, however they did chase me when I was slow with paperwork etc which was not a bad thing and ended in me receiving a loan in a timely manner.
Julie
10 out of 10 service
Willow finance were great start to finish, they always answered promptly and it was so helpful that they were able to communicate via WhatsApp as I couldn’t always be available for phone calls. Willows Team was patient, answered all my questions and endeavoured to make the process as seamless as possible. I would definitely recommend Willow and would use their services again if I ever needed it!
Faultless service
Great communication and very straightforward process. Everyone I dealt with was knowledgeable and helpful and replied really quickly to any queries I had. Would 100 percent recommend.
Sarah
Helpful
Helpful, understanding and very responsive.
Laura N.
If you are looking for a company that really does put their customers first then look no further.
If you are looking for a company that really does put their customers first then look no further. Their service is second to none. A personal thank you to Willows team who helped me no end.
Nicola
LOANS ARE SECURED AGAINST PROPERTY. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED UPON IT.
Willows Finance is a credit broker not a lender using a representative panel of lenders. We work with a Panel of Lenders whose particulars will be supplied upon request to find a potentially suitable arrangement for your consideration.
For credit broking, we do not provide or offer advice or recommendation. Whichever lender we introduce you to we will receive commission from. Different lenders pay different amounts based on different commission models and interest amounts. For transparency we work with the following commission models: percentage of the amount you borrow, rate for risk (this is based on the risk profile of the proposal).
Willows Finance Limited is authorised and regulated by the Financial Conduct Authority. Our Financial Conduct Authority FCA register number is 670052. We are registered under the Data Protection Act No. Z1447660 and are a member of the Association of Finance Brokers.
Willows Finance Limited registered address is Brocastle, Bridgend CF35 5AS. Company registered in England.
Registration number 6678545. Copyright © 2025 Willows Finance Ltd
Legal
At Willows Finance we ensure your personal information is kept secure and confidential.
PRIVACY OF YOUR INFORMATION
At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
This document outlines the services we provide. If you need clarification, please contact us at 01656 766158.
We offer first and second charge regulated mortgage contracts for business or personal use.
Other finance options may include:
Regulatory Status:
We offer an advised mortgage broking service and provide enough information for you to make an informed decision.
We are not independent financial advisers. Free debt advice is available from the Money Advice Service.
You can view our privacy policy at: https://willowsfinance.co.uk/privacy-cookie-policy/.
Lenders may also have their own privacy policies which will be provided to you.
We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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