Our mortgage loans are available to qualifying homeowners and owners of Buy-to-Let properties in England, Scotland and Wales. Choose from flexible loan amounts available up to £150,000 (loans over £150,000 may be considered on a case by case basis). A mortgage loan is a way to use available equity in your house to obtain the capital you need for your current financial priorities and goals in life.
A Step One mortgage loan is also known as a secured loan or a second mortgage loan. Step One lends for most purposes and has products to suit most customers. A 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. This will ensure that your decision is made properly and with research behind it, giving you the best situation for the receiving of your money and in making subsequent repayments.
- Home improvements
- A deposit or purchase of a new property
- Purchases for children
- Education and training expenses
- Unexpected car maintenance costs
- Repairing damage to property or other assets
- Medical expenses
- Moving costs
- Lifestyle changes
- Car, boat or other large purchase
- Wedding or other significant life events
- Debt consolidation
- Dream holiday
- Equity release for the purchase of another property
- Unexpected tax bill
- Business expansion
- Hiring and recruiting employees
- Borrow up to 95% loan to value (LTV). The total LTV includes the amount of your current first mortgage
- Competitive loan rates
- Loan amounts available from £10,000 up to £150,000 (loans over £150,000 may be considered on a case by case basis)
- Repayment periods available from 6 years to 30 years
- Variable and 5-year fixed rates available across our product range
- No up-front application fees. Our lender fee is only charged if you take out a loan with us. Depending on the requested LTV we may need to undertake a property valuation and will advise you of these costs before any work is undertaken
- No hidden fees. We will always tell you about all of our fees in a clear and transparent manner.
Our lending criteria
- Minimum loan size £10,000
- Maximum loan size £150,000 for residential and £100,000 for buy-to-let
- Minimum age 21 years
- No maximum age
- Minimum income £20,000 for sole applicants and £25,000 for joint applications
- Minimum 6 months at current address
- Loans available in England, Wales and Scotland
- Up to 95% LTV Residential (85% LTV Maximum in Scotland) and 85% LTV on Buy to Let
Your mortgage loan will be reviewed based on a series of factors that will determine the response to your application. While this calculation is quite complex, the following points will be considered. Knowing these may help you to plan and prepare for your application in advance and will also help you if a mortgage loan is something you wish to consider in the future instead of the present.
Affordability: As a responsible lender, Step One will want to ensure you have the means to make your monthly repayments for your chosen loan term. We will carry out a full review of your income and outgoings to determine that the mortgage loan is affordable for you both now and in the foreseeable future.
Credit history: Your credit history is one of the most important factors in your application and will be reviewed closely. When reviewing your application for a Step One mortgage loan, your credit history will be analysed to discern trends of repayments and debt.