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How Long Does a Secured Loan Take to Process FAQ

How long Does a Secured Loan Take to Process

Secured Loans > Our Loans > Homeowner Loans > How long does a secured loan take to process

How long does a secured loan take to process?

How long a secured loan takes to process varies from lender to lender.

The process can often take 3 to 6 weeks. It involves several checks – including on the asset that will secure the loan (e.g. a house)

A standard secured loan usually takes several weeks to process.

The lender will require a property valuation from your mortgage provider. They’ll also need proof of income and expenditure, and proof of ID. There is also a 7-day “reflection” period.

  • As an asset acts as security on your loan, applications can take longer than for unsecured loans
  • For a secured homeowner loan, a lender will check who owns the property
  • They’ll also check whether anyone has a legal interest in your property, restrictions on land, and whether the property is freehold or leasehold
  • A lender will need proof of identity, and will need to review your income, and expenditure to ensure the loan is affordable
  • The lender will require a valuation of your property/asset

The lender will need to verify your legal ownership of the property and its market value. They will then draw up the loan with the property acting as security.

Once all paperwork is complete and the loan approved, the lender will then transfer funds to you.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk

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Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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