Description |
Features |
Questions |
Apply Now Why is the First Plus loan the best on the market ?.
It is nationally advertised on both the TV and in the press. It is backed by one of the UKs largest financial institutions. The main features are as follows:
An innovative approach to secured personal lending.
Loans of up to 25% more than the value of your home, less your current first mortgage balance.
Good value, with interest rates starting from just 8.9% APR (variable), typical APR 10.9% (variable).
Borrow what you need up to £60,000, with affordable monthly repayments.
Repayment periods of up to 25 years.
An optional payment protection plan with 100% premium refund.*
Loans to homeowners.
First Plus believe that if you have a good credit history you should be able to borrow what you need, up to £60,000. If you're a home owner you can apply for a loan today.
How much can I borrow?
First Plus could lend you up to 25% more than the value of your home, less your current mortgage balance. How can they do this? They lend to people, not their property. They believe that if you have a good credit history you should be able to borrow what you need, up to £60,000. You could do all this whilst actually reducing your monthly credit out-goings.
Do I qualify for a loan?
First Plus lend to responsible borrowers who have good credit history. Other lenders place less confidence in their credit evaluation and consequently seek to secure their loans on the equity in your home. This may provide some borrowers with the funds they require but only if they have considerable equity in their home. For borrowers whose equity hasn't increased considerably over recent years First Plus can provide the ideal solution.
Is First Plus regulated?
Yes. First Plus is a member of both FISA (Finance Industry Standards Association) and the FLA (Finance and Leasing Association). They are licensed by the Office of Fair Trading and operate in strict accordance with the Consumer Credit Act 1974 and Data Protection Act 1998.
How does the 125% of value work?
With a traditional loan you are usually limited to around 90% of the value of your property. First Plus are prepared to lend up to 125% of the value of your property. To make things clearer look at the following example:
Assume property value £110,000 with current mortgage of £95,000
With conventional lender max. advance (Assume 90% loan to value) £4000
With First Plus (Using 125% loan to value) £42,500.
First Plus believe that if you have a good credit history you should be able to borrow what you need, up to £60,000. If you're a home owner you can apply for a loan today.
How does the Payment Protection Plan work?
As you would expect from such a plan it protects your monthly repayments in the event of you becoming sick or unemployed, for example. But what you won't expect from such a plan is that you could claim all your premiums back!*
* If after 5 years you have not claimed on your insurance or settled your loan, you will be eligible to claim all of your insurance premium back. This is subject to terms and conditions of the policy, and less Insurance Premium Tax and interest charges.
First Plus are one of the few to offer a scheme with cash if you claim, and cash if you don't.
Make sure you take advantage of this unique Payment Protection Plan.
Your home is at risk if you do not keep up with the payments on your mortgage or other loans secured on it.
