It’s been a long way back for borrowers in Northern Ireland looking for a the secured loan but the biggest step yet was taken last week when Clearly Loans announced their first secured loan completion in a BT postcode.
There has been much to celebrate across the water after recent announcements from Clearly Loans, Central Trust and TFS that they were extending their secured loan ranges to Northern Ireland and last week saw Clearly Loans become the first to actually fund a deal.
Sam Busfield, co-founder and director of Clearly Loans and Loans Warehouse, said: “We received a call from Tracy Wilkinson at An Independent Mortgage Solution Ltd in early March, she had a couple who in 2006 received some bad advice and entered into a debt management plan.
“The DMP resulted in several defaults being registered against the client in 2007. Even though the defaults are now gone from their credit files, their credit score has remained low as they have been forced to use payday lenders to maintain their commitments.
“Despite having a good level of income, no mortgage lender would consider their application due to prior use of a payday loan and the level of their credit card debt. The purpose of the loan was to consolidate debt but that didn’t seem to matter.
“The application was for £39,000 in total. After searching through Loans Warehouse’s recently expanded list of lenders in Northern Ireland, the most suitable option to raise the full amount requested at the lowest interest rate was Clearly Loans.
“The clients wasted little time in returning their paperwork and we started requesting the third party information we needed. By the time we’d received their final credit agreement a week or so later we were ready to instruct the valuation through E.Surv and within a couple of days the valuation was completed and report returned.
“The full application was presented to Clearly Loans and within 24 hours the request to release funds was sent to McCartan, Turkington, Breen who are acting on behalf of Clearly Loans. Start to finish the application took less than 3 weeks.”
Matt Tristram, co-founder and director of Clearly Loans and Loans Warehouse, added: “It was a great first case as its done exactly what we set out to do, helped one of the thousands of mortgage prisoners in Northern Ireland who have great income and equity but have struggled in recent years due to the economic climate more than their own mismanagement”