YES, your affordability will be checked.
Our lenders follow the same process as other types of loans, so affordability checks are in place.
- Typically, both the borrower and guarantor will be taken through an income and expenditure assessment by telephone.
- The assessment will require details of regular income, with evidence such as a recent 30-day bank statement.
- Details of all outgoings will be required, including rent or mortgage payments, existing credit commitment, utility bills, and living expenses.
- The Borrower and Guarantor are required to give honest reflections of their financial situation.
A credit report will be obtained, see Will I be Credit Checked?