Regulated loans

If you are applying for a secured loan or mortgage of up to £25,000 the law requires you to be given copies of the loan agreement (and all relevant documents) in order that you can read the documents carefully and consider the loan properly, you will have seven clear days to study the documents.

During this time neither the lender or broker is allowed to initiate contact (they can respond to any questions or queries raised by you). This period, known as the consideration period gives you an opportunity to take independent advice. You will not be given a signable copy of the agreement until the expiry of the consideration period.

Once the signable documents have been received you have a further seven days to consider the loan before either the broker or lender can initiate contact. If you do not sign the agreement the loan will not be granted.