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Assess
1. Contact your local authority and if you are eligible for a Home Trust Loan, they will visit your house to inspect the works that need carrying out. They will explain what other financial assistance they provide and advise whether the Home Trust Loan is suitable for you.
2. If your local authority agrees that the works are necessary and that the Home Trust Loan is potentially your best source of finance, a Home Trust Loan Officer will contact you to arrange a home visit. The Officer will conduct a financial review with you and provide information about each Home Trust Loan option, so that you may make an informed decision about which best suits your needs.
South Coast Moneyline is a socially responsible lender and our policy is to not lend any monies to anyone, unless we think they can afford it. However, it is important that you tell us everything about your financial position and that you consider carefully whether you can afford the repayments before you agree to a loan.
Offer
3. Shortly after the visit, we will send you a financial report so that you can verify that the information we have collected is correct. We will then carry out a credit check and also a search at HM Land Registry to confirm ownership of the property. Then, if we believe that the Home Trust Loan is right for you, we will send you an Offer Pack. (If the property is not registered, we are able to offer further advice on how to register the property, should you decide to proceed with the offer.)
Agree
4. You can now start to obtain quotes for the improvement works. South Coast Moneyline or your local authority can provide guidance on how to choose a reputable contractor. Your local authority will usually insist that you obtain at least two quotes and they may wish to check these. Once you have accepted a quote from your chosen contractor, contact us to let us know the proposed cost.
5. We will then agree the lending terms with you and send you a copy Loan Agreement Pack, which will enable you to check the details and consider the implications of entering into a secured loan agreement. After seven days, we will then send you a final Loan Agreement Pack. If you are happy to proceed, return the completed and signed documents contained within the pack to us. If you would prefer, contact us, as we will be able to visit your home to guide you through the paperwork and explain which documents require signatures and by whom. It is important that the forms are completed accurately and the correct signatures and approvals are obtained.
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Improve
6. South Coast Moneyline will then secure the loan by registering the equitable mortgage at HM Land Registry before any improvement work commences. Once HM Land Registry has confirmed with us that registration is complete, we will inform you so that you can arrange for the works to commence.
Check
7. After the improvement works have been completed, your local authority will carry out a final inspection.
Pay
8. Once we have received confirmation from your local authority, and from you, that the works have been completed to a satisfactory standard, we will arrange for the funds to be transferred to you so that you can pay the contractor.
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