It’s important to make sure you can afford your loan.
As Evolution Money are responsible financial service providers, it’s important to us to be sure that customers applying for second charge borrowing are able to afford their loan now and throughout the loan term.
To facilitate this, a loan application will require a detailed Income and Expenditure Assessment to be discussed. This will include information about
- All the money coming in and out every month, and all payments being made
- Including : Contractual payments such as mortgage, loans and services
- Other regular amounts for food, clothes, travel and entertainment.
When making an application, one of our friendly mortgage advisors will go through the information with you. So before speaking to one of our team, it’s recommended for you have this form in front of you (either printed or online) and this will assist the smooth progress of the loan application
Please remember, you need to be as honest and as accurate as possible, so that we can advise you on the most affordable loan which suits you and your circumstances.
If we are unable to carry out the affordability assessment because you have chosen not to provide the required information;
- Evolution Money will not be able to process your loan application.
- You will not receive the credit that you have applied for.
A credit search will be carried out so that we can clarify all the information provided. You can find more information on credit searches here www.evolutionmoney.co.uk/legal/privacy-policy
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
- 3 recent monthly bank statements
- If Self-employed : SA302 form or Certified Accountants Certificate
We hope that our Income and Expenditure form helps you record the financial information you need for the affordability assessment, and for your Evolution Money loan application.
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.
