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What Is A Secured Loan Offer FAQ

What Is A Secured Loan Offer?

Secured Loans > Our Loans > Homeowner Loans > What is a secured loan offer

What is a secured loan offer?

A “secured loan offer” is one of two types of offer a lender can make – a Conditional Mortagage Offer (CMO), or a Binding Mortgage Offer (BMO). The CMO is made first, then the BMO.

Once a lender has assessed your secured loan application, it may offer a CMO, which provides an illustrative quote. It is subject to a number of conditions being met before the application can proceed further.

Once the lender has received and is satisfied with all the requested documentation and proof, the loan will be approved. The lender then issues the BMO.

You can then immediately go ahead with the loan if you are happy with the BMO. However, you are entitled to a 7-day reflection period to consider the terms of the loan. The lender cannot contact you during that period. You do not have to accept the BMO.

  • The CMO is made first, then the BMO
  • There is a 7-day reflection period following the BMO
  • You are not obliged to accept the BMO and the lender cannot contact you during those 7 days.
  • You can choose to accept the BMO before the 7 days are up

Accepting the BMO is not the final step in the application process.

The BMO will be sent along with the Terms and Conditions and the Legal Charge, Standard Security Mortgage Deed. By signing and returning the Legal Charge, Standard Security or Mortgage Deed, you are accepting the terms of the loan and have indicated you wish to proceed on that basis.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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