What’s the second mortgage process?
Before you apply
Before you apply, why not use our loan calculator to see what your monthly repayments could be. The calculator will show you the best loan rate which could be available to you, based on the amount you want to borrow and the term over which you’d like to repay the loan.
Apply now through a loan broker
To find a broker, type “Second mortgage broker” into your preferred internet search engine. The broker will suggest the loan that best suits your needs, which may be provided by a lender other than Clearly Loans.
Follow up call
Once the loan broker has received your application, they’ll probably call you to run through some basic details with you. Then, with your permission, they will run a credit check on you. The loan advisor should then be able to give you a quotation and details of the loan terms we can offer you.
What happens when you tell us you’re happy with the quotation?
If you’re happy with the second mortgage quotation, we’ll send you a loan application pack containing all the documents you need to complete your loan, including a mortgage illustration, which summarises the main details of the proposed mortgage loan.
What happens when I complete and return the application pack?
When you return the application pack, the broker will check that you have included all the requested information. A valuation of your property will then be necessary. Your broker will contact you to arrange this and explain whether there will be a fee you have to pay for the valuation.
If the valuation is satisfactory, the broker will then pass the application pack on to the Clearly Loans underwriting team. The underwriting team will check the application and may ask the broker to request additional information from you. Finally, we will call you to run through the details of the loan.
If all our underwriting checks are passed, we will issue you with a binding offer. The offer pack includes the offer letter, our tariff of charges, the legal charge (or in Scotland Standard Security) and our Key Customer Information sheet.
You then have a 30 day reflection period to consider the offer. During this reflection period, the offer continues to be binding on Clearly Loans Limited.
Releasing the loan funds
When you return the signed offer letter and legal charge (or in Scotland Standard Security), we will advance the loan funds. If the loan is being used wholly, or partially, for debt consolidation, we will pay your creditors directly.
Your right to withdraw
You can withdraw from the offer at any time before we advance the loan funds. However, once the mortgage loan completes and we have released the funds to you, there will be no right of withdrawal. You will however have the right to repay the mortgage.