Welcome to star loans
Star Loans is a Lender and Introducer to other financial companies. We specialise in Secured Loans up to £1.5 million for UK Homeowners aged over 21. Our expertise in the Second Charge Mortgage market allows us to offer the best value and most flexible rates possible. We guarantee that you won’t pay a penny more than you need to!
Helpful Info
Applying will NOT affect your credit score as we only perform a “soft search” which leaves no footprint on your credit file at a Credit Reference Agency.
This gives you the freedom to explore options without worrying about what appears on your credit report, before you make a decision that suits you and your circumstance.
At StarLoans we give you a personalised quote – we mean it.
We will consider your circumstances and make a decision, the high-street banks will not. We are a friendly, professional and FCA approved lending facility.
Secured Loans up to £1.5m
Unsecured Loans up to £35,000
Secured Loans are typically used for home improvements or debt consolidation. But any purpose can mean a wedding, holiday of a lifetime or helping family on to the property ladder.
Home improvements can be expensive but a Secured Loan spreads the cost. Wisely spent, home improvements will increase the enjoyment of your home and should increase your home’s market value.
Debt consolidation lets you settle expensive debt with affordable repayments. Monthly payments can be cut by up to 75%.
Sensible Alternative to Remortgaging
If you do not want to give up a good First Mortgage deal or pay a high exit fee, a Secured Loan provides excellent flexibility.
A mortgage exit fee is called an Early Repayment Charge which you must pay if settling during your mortgage tie-in period.
Home improvements and debt consolidation are the most common reasons to take out a Secured Loan. This is because you can usually borrow a larger sum at a lower interest rate over a longer term than unsecured debt.
1. Home improvements may add value to your home and so it makes sense to take out low cost long term borrowing. Over time the cost of your secured borrowing should be more than offset by the increase in your house value plus your enjoyment of living there!
2. Debt consolidation is the refinancing of expensive unsecured debt which enables you to take control of your finances and save money! Consolidating these accounts into a single secured loan will mean one monthly payment rather than many small payments that need paying on different dates.
What to look for when getting a Secured Loan?
Always look at the loan term, interest rate and monthly payment. Remember that your home is at risk and you should budget carefully. We will conduct a thorough affordability assessment but we cannot know your personal finances as well as you do!
Check whether the interest rate is fixed or variable. You do not want to be caught out by an unexpected increase in interest rates and hence an increased monthly payment. StarLoans only offers loans with a fixed interest rate which gives our borrowers certainty in financial planning.
Assess any fees. Look at penalties associated with missed payments or early settlement. Star Loans only charges fees to cover our administration costs when acting as a direct lender. If we introduce you to our broker partner your fees will be up to 50% lower than most other major brokers.
Do you have equity in your home and sustainable income? If you can answer yes our secured loans may be suitable for you!
Who are Secured Loans suitable for?
Secured Loans are suitable for homeowners with significant equity in their properties. Equity is the difference between your home’s value and your secured borrowings, such as your mortgage. So if your home is valued at £200,000 and you have a £100,000 first mortgage, you have equity of £100,000. Since most lenders will lend up to 80% of your home’s value, this means you can borrow an extra £60,000!
Lenders have a regulatory duty to ensure that your loan is suitable for your financial and personal circumstances. Unless you can demonstrate sufficient income to afford repayments on a sustainable basis they cannot lend to you! Borrowers will always be asked to prove their income with payslips or company accounts if self-employed.