Secured Loan Information
Who are StarLoans?
StarLoans is a specialist lender of flexible secured loans, which are Second Charge Mortgages. All our loans are regulated by the Financial Conduct Authority. Established in 1957, we are an independent company so we make all our lending decisions based on your individual circumstances. StarLoans is a trading name of Burts (Hull) Ltd: Registered Company 577522, FCA ref 717793, Data Protection Act Z6439069.
Secured Loan Information
A Secured Loan is a mortgage secured by a Legal Charge on your property. Your mortgage is secured by a first charge. A Secured Loan is usually secured by a second charge but can also be a third charge. Secured Loans are sometimes called “homeowner loans”, “second charge mortgages” or “second mortgages”.
Who can apply for a Secured Loan?
You must be a homeowner living in England or Wales with an existing mortgage. If your home is owned jointly then your Secured Loan must be in joint names.
Will applying affect my credit rating?
No. If you give us permission to conduct a credit search, this is treated as a “quotation” so there will be no credit footprint on your file at the credit reference agencies.
What if I have a bad credit rating?
You can still apply and we will assess your application on an individual basis. You may be required to have more free equity in your property and pay a higher interest rate than if you have a good credit rating.
What can I use my loan for?
Your loan can be for any purpose, such as home improvements or debt consolidation.
How much can I borrow?
Loans can be from £3,000 up to £30,000. Our lending criteria mean that what we offer you depends on affordability and how much free equity you have in your home.
How long does it take to get my Secured Loan?
Our loans are regulated by the Financial Conduct Authority. When we have received your signed credit agreement we will transfer funds into your bank account using the banking industry’s Faster Payments Service. We would recommend that you allow at least two weeks from your loan application to receipt of funds.
What information do I need to provide?
You will need to provide proof of income, such as payslips, a recent bank statement and proof of ID, such as your passport or driving license. These documents can be emailed or faxed to enable us to provide a quotation. Original documents will be required prior to loan issue.
What will my monthly repayments be?
Your repayments will depend on how much you borrow, over how long a period and your credit rating. Please use our Loan Calculator to check that you can afford the monthly repayments.
Can I change my monthly repayments?
Yes. Our loans are flexible. You can ask for your normal payments to be increased or decreased subject to our agreement.
Can I repay my loan early?
Yes. You can also make a partial early settlement – a lump sum payment – which gives you the choice of reducing your monthly repayments or shortening the loan term.
Do I receive a discount for settling early?
Yes. This is called a rebate of interest and is calculated according to the Consumer Credit Act. You receive a rebate for both full and partial settlements.
Can I top up my loan?
You can apply for a further advance.
If I am unhappy with Star Loans what can I do?
We aim to resolve any complaint within 10 working days. If we can’t sort out the problem within eight weeks you can complain to the Financial Ombudsman Service.