It’s important to make sure you can afford your loan.
At Evolution Money it’s important to us to be sure that customers applying for a loan with us can afford their loan now and throughout the loan term.
A loan application will require a detailed Income and Expenditure Assessment to assess if you are able to afford the repayments. This will include information such as:
Income:
Salary
Any working tax/child tax credits or universal credit (we only accept certain elements of universal credit), disability allowances or pensions, child benefit.
Expenditure:
Mortgage, utility bills, council tax
Food, travel, entertainment
Other credit commitments
To help you, we have put together our simple comprehensive Income and Expenditure form, which you can download here or fill in online: www.evolutionmoney.co.uk/help-and-advice/income-and-expenditure
We hope that our Income and Expenditure form helps you record the financial information you need for the affordability assessment.
When making an application, one of our qualified underwriters will go through this information with you. So before speaking to one of our team it’s a good idea to have a copy of the online form filled in, as this will help us check to see if we can find you an affordable loan, all the information you supply will be verified, so therefore needs to be accurate. If you are unable to supply the information for the affordability check then we will not be able to progress with your application.
A credit search will be carried out as we need to verify all the information you have provided.
You can find more information on credit searches here www.evolutionmoney.co.uk/legal/fair-processing-notice
As part of the application process, we will also ask you to provide copies of your bank statements and wage slips or Self-employed account documents as evidence to confirm what is discussed together;
- 3 pay slips if paid monthly – 4 pay slips if paid weekly or fortnightly
- 1 month bank statement dated within the last 45 days
- If Self-employed: Certified/Stamped accounts from your accountant or your completed HMRC tax return, accountants certificate
PLEASE 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.
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 PAY
Representative 22.93% APRC variable.
For a typical loan of £26,600 over 180 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £484.00. This includes a Product Fee of £2,660.00 (10% of the loan amount) and a Lending Fee* of £763.00, bringing the total repayable amount to £87,030.00. Annual Interest Rates range between 11.7% to 46.5% (variable). Maximum 50.00% APRC. *Lending Fee varies by country: England & Wales £763, Scotland £1,051, Northern Ireland: £1,736.
Think carefully before securing debts against 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.
