Tenant Loans

If you are not a home owner and are a tenant you may sometimes find it more difficult to get approved for a loan. Where your bank or building society cannot help First Choice Finance have an associate personal loan broker we can refer you to. They have a selection of unsecured tenant loans that you could use to borrow money for almost any purpose, whether you need a new car, home improvements or fancy a break away, enquire online via the short form on this page or give us a call on free phone 0800 298 3000.

Tenant Personal Loan Amounts & Terms

Our associate broker loan amounts for tenants range from around £1,000 to a maximum of £15,000. Tenant unsecured loan terms vary based on affordability and how long you would like to spread the repayments over. Minimum terms start at 12 months and some loans lenders may go up to 84 months (7 years). Please be aware that the longer you spread your loan over the more interest you will pay back. So only borrow what you can afford and need.

Bad Credit Tenant Loans

As with any sort of finance, loan or mortgage your ability to obtain the money is subject to various factors such as your credit profile, employment, address history, age and of course income. If you have a bad credit rating and are not a home owner, then to be honest you may be a limited on your choice of lenders, as some lenders may see you as a higher risk customer, but this does not mean credit is impossible to find. Specialist lenders may offer loans to tenants with a poor credit rating and if you keep up you monthly repayments and / or use some of the money to clear of arrears / defaults it could help to improve your credit profile in the future. If you can`t get a loan on your own but you can find a guarantor to back your loan application (and agree to meet your repayments should you unfortunately be unable to) then a guarantor loan may enable you to borrow up to £10,000 and spread the repayments up to 60 months.

Tenant Mortgages Through First Choice

It is often overlooked that at least for one point in their lives all homeowners will have been or will be tenants. Even if they took on their First Home Mortgage early on, they still would have been living with their parent as tenants before hand. At First Choice we advise and arrange mortgages. We have helped a multitude of tenants either get their first mortgage or return to being a home owner mortgage payer once again. Due to 30 years in the mortgage sector there are many first mortgage lenders on our panel and also plenty of mortgage plans that will consider you if you have been unlucky enough to incur some poor credit. All mortgage quotes, first or otherwise, are provided for free - without any pressure and are confidential. Find out if you could start climbing the housing ladder by buying private or if you are a council / housing association tenant we could help you by arranging your right to buy mortgage whilst you get the benefit of what may be a large council discount.

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE) First Choice are tied to certain unsecured lenders.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on immovable property.

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

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.