Step One was established in 2010 and our mission is to operate an industry leading consumer finance platform built on traditional lending values. We seek to offer products that are easy to understand and provide real solutions for customers.
Our second charge mortgage loan product is available to qualifying homeowners in England, Scotland and Wales with loan amounts available up to £150,000. Step One lends for most purposes and has products to suit most customers. A second charge mortgage loan can potentially offer a lower rate of interest when compared to unsecured personal loan products but we recommend that potential borrowers consider all of their financing options to obtain the best solution for their needs. In summary, a Step One second mortgage loan:
- Allows you to borrow up to 95% of your property’s value (less the amount of your current first mortgage).
- Offers competitive product prices. For example, our 55% total loan to value loan product for applicants with a clean credit history is available directly from Step One from 7.3% APR (variable) to 11.7% APR (variable). The rate you are offered will depend on the amount of equity in your home, personal circumstances, past credit conduct and other related factors.
- Is available with loan amounts as small as £5,000 and up to £150,000.
- Can provide repayment periods from 5 years to 30 years.
- Is available with a 3 year fixed rate across our product range.
- Has no up-front application fees. Our lender fee is only charged if you take out a loan with us.
- Has no early repayment fees. You can repay your loan in full or in part at any time with 28 days’ notice.
- Has no hidden fees. We will always tell you about all of our fees in a clear and transparent manner.
Contact Us today on 01483 661 100 to discuss your financing needs.
REPRESENTATIVE EXAMPLE – If you have a good credit history and a total loan to value ratio of less than 55%, a direct loan from Step One of £25,000.00 over 15 years will cost you £227.78 per month at a 7.5% APR (variable). Based on an initial total borrowing of £25,500.00, the total amount payable over 15 years is £41,195.40 which includes £15,500.40 of interest charged at a rate of 6.9% (variable), our lender fee of £500.00 and a security discharge fee of £195.00 (payable when your loan is repaid). You can opt to pay your lender fee up front; it does not need to be borrowed.
Loan availability and price is subject to status. The actual rate available will depend upon your circumstances. Please ask for a personalised illustration.
Please note that Step One Finance does not charge up-front fees for any loan applications. Fees are only due upon the successful completion of a loan. You should be wary of any parties purporting to arrange a Step One Finance loan who are seeking to charge up-front fees. Please contact us if you have any doubts regarding a Step One Finance loan application. Customers can also obtain additional information on the FCA’s website on the dangers of Loan Fee Fraud by clicking here.