Frequently Asked Questions


A. Yes. Step One Finance is based in Woking, Surrey and was established in the UK in 2010. We are regulated by the Financial Conduct Authority for our second charge loans secured on residential property, unsecured personal loans and unsecured guarantor loans. Click on “About Us” to find out more about Step One Finance.

A. Step One Finance has a range of products to suit many of our clients with different circumstances. We will be able to tell you if we have a suitable product once you have completed our online application for a personal loan or go through a decision in principle process with a Step One Finance customer service adviser, for one of our second mortgage loans.

A. No. Step One Finance only offers loans and mortgages where you repay a portion of the capital and interest each month. This ensures the loan you take out with us is repaid at the end of the term.

A. Firstly write to us at the address below. If we cannot resolve your complaint, you may have the right to refer your complaint to the Financial Ombudsman Service. The Financial Ombudsman can only consider complaints from eligible complainants. You can write to the Ombudsman at Exchange Tower, London, E14 9SR or visit their website at

Unregulated product customers will not be able to escalate their complaint to the Financial Ombudsman Service.

A. We use a combination of Experian, Equifax and CallCredit as our credit reference agencies (CRAs). Their details are below.

Equifax Limited, Credit File Advice Service, PO Box 1140, Bradford, BD1 5US. Tel: 0800 014 2955 or 0333 321 4043

Callcredit Ltd, Consumer Services Team, PO Box 491, Leeds, LS1 5XX. Tel: 0870 060 1414

Experian Ltd, Consumer Help Service, PO Box 9000, Nottingham, NG80 7WF Tel: 0800 013 8888

Homeowner Loans (Second Mortgages Loans)

A. A second mortgage loan is secured against your home in the same way as your first mortgage.  Your property or home may be repossessed if you do not keep up repayments on your mortgage.

A. You can apply for a Step One Finance second mortgage loan if:

i. You already have a first charge mortgage on your home
ii. Hold a UK Bank account and receive income in British pounds sterling
iii. Are over 21 years old
iv. Are a UK resident with a residential property in England, Wales or Scotland

All loan applications are subject to status.

A. Yes. It takes longer to arrange a loan secured against your home because we take extra care to ensure you can meet all your commitments and we have to consider the suitability of your property as well as your personal circumstances. On average, we take 3 – 4 weeks to complete our second mortgage loans.

A. The outstanding loan balance is on your annual statement. If this is out of date or you don’t have one, please contact our loan servicing department on 0344 846 4715.

A. Some of our secured mortgage loans do have early repayment charges and you will also be required to give us 28 days’ notice if you wish to repay your loan early. This is explained in the “early repayment” section of your mortgage offer.

A. Your Step One Finance second charge mortgage is not portable. It will be repaid from the proceeds of the sale of your property, but you may be eligible for a new loan on your next property. You should make an enquiry by contacting us to discuss your new loan requirements with our customer services team on 01483 661 100.

A. Everyone’s circumstances can change, so we will assess your current situation when you call our loan servicing department on 0344 846 4715. If you are having difficulty paying your loan you should do this as soon as you can. Once we know more about your change in circumstances, we will agree the best course of action with you.

Personal Loans

A. You can apply for a Step One Finance personal loan if:

i. You are a homeowner
ii. Hold a UK bank account and receive income in British pounds sterling
iii. Are over 21 years old
iv. Are a UK resident – (personal loans are available to customers in England and Wales)

All loan applications are subject to status.

A. Yes. You have the right to repay all or part of the outstanding balance of your Step One Finance personal loan at any time.  Your early settlement figure will include any compensation we are allowed under section 95A of the Consumer Credit Act 1974.

A. You can view your loan balance when you log in to your personal loan account on our website.

A. You should contact us as soon as possible with your new address details and your loan account number. You should always let us know when any of your personal details change.

A. Yes, when you are approved for a Step One Finance personal loan we will advance the money direct to your bank account unless you have a guarantor.

A. Once you have completed our online application process, your loan will be sent for approval. If we require additional information we will ask for that before we approve the loan. As soon as your loan is approved we will send you a message and pay the money into your account, normally within 24 hours.

A. Our application process is all online and we communicate with you via your email address. You will not be able to proceed without one.

A. It is a requirement for you to be a homeowner for a Step One Finance personal loan. However, if you apply for a loan with a guarantor, you don’t have to be a homeowner, but your guarantor does.

Guarantor Loans

A. A guarantor loan is designed to assist customers who might not otherwise qualify for a loan because of previous credit problems.  A qualifying guarantor will need to agree to be responsible for paying amounts due under your loan if, for any reason, you are unable to maintain your monthly repayments.

A. Having a guarantor increases the chances of getting a loan if you have a low credit rating. In some cases, having a guarantor may improve the cost of your loan. To find out which options are available to you please apply through our website.

A. Anyone known to you can be a guarantor, but they need to be a homeowner, have a good credit history and be able to meet your loan repayments as well as their own commitments.

A. A guarantor loan and a personal loan take approximately the same time to approve, although we will not be able to advance any money until the guarantor has signed their documents.

A. Yes. You will need to speak to your guarantor before submitting an application, as we will send them details of your application and they will be asked to sign a Guarantee and Indemnity. If they refuse to act as your guarantor we may not be able to approve your loan.

A. Yes. We will do this as a part of our normal underwriting and approval process in the same way as we do for all applicants.

A. If you apply for a loan with a guarantor, we will send the money to the guarantor’s account. It is their responsibility to pay you the money. We do this to prevent fraud.


Please note that Step One Finance does not charge up-front fees for any loan enquiries or applications. 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.




Find the perfect loan call us now on 01483 661 100 or Contact us