WHAT WE DO FOR OUR CLIENTS

Due to the credit crisis it’s getting harder for potential borrowers to obtain a loan. There are only a few secured lenders available in the market and with the criteria they now require its highly unlikely you will manage to get your loan approved no matter how hard you try.

Lyle Finance has developed a unique loan facility in association with our investors and solicitors. We will lend up to 90% of a property’s valuation the highest loan to value available in the UK. Funds are available within 7 days of us receiving your completed online application and the correct valuation fee. Our underwriting criteria is kept to a minimum, all that is required is a satisfactory survey report confirming your property’s current market valuation and a signed declaration that you can afford the monthly repayments.

We will accept the following- Mortgage arrears, Ccjs, defaults, self-employed, no proof of income and self-certification. Lending criteria is kept to a minimum the equity available in your property and its current open market saleability is the overriding factors in our underwriting decision. Our chosen surveyors Countrywide will carry out all property valuations on our behalf.

We have many investors willing to make funds available to clients who are finding it hard to get a loan. This invisible army of investors have seen interest rates on their deposits at the bank fall to practically zero have simply been left high and dry. There are over six million savers who have been affected in this way and there are thousands of them actively seeking investment opportunities, especially the returns and security that can be offered on secured loans.

Within twenty-four hours of receiving your application we will instruct Countrywide surveyors to carry out a valuation of your property. Should this prove satisfactory loan documents will be issued within five working days direct to you. Secured loans are available from £5,000 to £150,000. We currently have over five hundred investors looking to maximise their return by providing secured loans to you with many more enquiring every week.

Investors are looking for long-term returns on their money and prefer a minimum period of five years to provide them with the investment security they require. All loans are interest only making it more affordable for you and are based on a return to the investors of a maximum of 8.5%% per annum. Please note there are no cheaper loans on the market and it is highly unlikely there will be any in the near future. We are also aware that borrowers circumstances can improve and they will require the options of a flexible contract. With this in mind we have incorporated the following clauses into every loan agreement for your benefit.

At the end of a two-year period you will be able to redeem your loan with just three months penalty interest and a fixed legal fee of £250.

Should you wish to redeem your loan within the first two years, then twelve months penalty interest will apply and a fixed legal fee of £250.

You can cancel your application at any time and you will receive a full refund of the valuation fee. However please note once the valuation has been carried out you will not be entitled to a refund, but you can still cancel your loan application.

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IMPORTANT TERMS AND CONDITIONS PLEASE READ CAREFULLY

We are equity lenders only and will rely on a Countrywide valuation and other research information that we carry out in order for us to make a decision on your loan application, in particular the current realistic open market valuation.
 
We are lenders of last resort so please do not apply for a loan unless you are confident you can afford the monthly repayments and you have exhausted every other financial avenue available to you.

We do not require you to provide evidence of income just a signed declaration confirming you have the financial ability to make and maintain the monthly repayments over the term and loan amount agreed.

We use reversible contracts with a signed Power of Attorney by you. Should you fall into arrears i.e. four consecutive monthly missed payments the property will be transferred direct to the investor who has provided the funds, and in agreement with the investor and solicitors acting the property will be placed in the next available Barnard Marcus or Allsops residential auction and sold.

We do not need to seek a County Court warrant of possession or the appointment of an LPA Receiver to carry out the above, and this is in conjunction with current UK law and for the protection of the investor’s money.

The total gross loan will be paid direct to your chosen bank account and the following fixed fees will be taken at source on completion.

Solicitor’s fees total £400. (Amount in words four hundred pounds only)
Arrangement fee deducted at source. 5% of the total gross loan payable on completion.

All your monthly repayments will be paid direct to the individual investor who has provided the loan facility and not to 999loans its agents, solicitors or partners. The monthly repayments on your loan will be collected by direct debit.

On approval of your loan facility the relevant documents and direct debit mandate will be sent direct to you from our solicitors, in order for you to verify the documents are correct and obtain the required signatures from you. We will require copies of your passport or photographic driving license, plus a bank statement and one utility bill dated in the last three months to be returned with the loan documents. No other forms of identification or proof of address is acceptable. We are a responsible Company and comply fully with all identity fraud precautions and in particular current Money Laundering Legislation.

We provide loans on residential property only; no other forms of security are acceptable. Loans are available in England, Wales and Northern Ireland. Please note we do not lend in Scotland, the Channel Islands, Isle of Man or the Republic of Ireland.

Upon receipt of your completed online application form and payment of the correct valuation fee, we will incorporate your property details direct into Countrywide online Quest system, this guarantees speed of service and minimilises the need for unnecessary paperwork. All valuations when completed are then returned to us using the same system, allowing us to make a decision on your loan within a matter of days. Should you require any further information please do not hesitate to contact us thank you.