Head of Content
Mortgage Advisor & Director
1st Stop
About 1st Stop
1st Stop are a secured loan provider we have been working with for a while, referring customers to them if we believe they are the best lender for the individual.
We have a deep working relationship with 1st Stop, and as a whole-of-market broker, can sometimes access exclusive deals from them that you won’t find by going direct.
Read on to find out more about 1st Stop’s homeowner loan range and how we can help you determine whether they are the right lender for your needs and circumstances.
Compare 1st Stop secured loan rates
You can use our expert advisers to compare the latest secured loan rates from 1st Stop with deals from other providers across the market.
They will round up personalised quotes from 1st Stop and alternative lenders and offer bespoke advice on which one to choose.
To get started, fill in our quick online form below and one of our expert homeowner loan advisers with be in touch today!
What type of secured loans do 1st Stop offer?
1st Stop offer secured loans for a range of different purposes for homeowners who want to borrow against the equity in their property on a second charge basis.
Examples of things their homeowner loans can be used for include:
- Home improvements
- Debt consolidation
- Business investment
- Major purchases, including a new car or a wedding
If you need a homeowner loan for reasons other than the above, get in touch and one of our brokers will review whether 1st Stop is the right provider for the finance you need.
Eligibility criteria
To get a secured loan from 1st Stop you will need to own the property the debt will be secured against and hold enough equity in it. The amount of equity you need depends on how much you want to borrow, but better rates may be offered to those with a high amount.
1st Stop will also review the following factors when assessing your eligibility:
- Credit history
- Income
- Age
- The purpose of the funds
It can be harder to qualify for a secured loan if you have bad credit, will be over 75 during the loan term or if there are affordability concerns, but it’s worth speaking to a broker if you think you don’t fit the criteria at 1st Stop as they may be able to find you an alternative lender.
What interest rate should you expect?
Interest rates on 1st Stop’s secured loans are generally higher than the average residential mortgage rate right now, but this is true of all homeowner loan lenders.
The exact rate 1st Stop will offer you will depend on the following factors:
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Loan to value (LTV) ratio: The lower the LTV, the more likely you are to secure a favourable rate, so having plenty of equity can be beneficial.
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Credit history: Having bad credit can make it more difficult to qualify for a secured loan, but if you are eligible for one despite your adverse, rates can be higher.
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Other factors: Being able to access the best rates from 1st Stop is often a case of having a strong application overall, so factors including your age, the property type and the amount of income you have will also be included in the assessment.
Want to know how 1st Stop’s homeowner loan rates compare to the rest of the market? Make an enquiry and one of our secured loan brokers will assess this for you.
What to do if you’ve been declined for a secured loan by 1st Stop
If 1st Stop have declined you for a secured loan, the best course of action is to resist the temptation to reapply with them or another lender straight away.
There’s no guarantee of a better outcome the second time around if you don’t address the reason your original application was rejected, and having too many rejections on your credit files in a short space of time can jeopardise future finance applications.
Your next move should be to speak to an independent homeowner loan broker, like us. One of our advisers will assess your application and explore why it was rejected. This will help them determine whether there are grounds to renegotiate with 1st Stop.
If your application cannot be salvaged with 1st Stop, your broker will help you find an alternative lender with more flexible criteria and avoid damaging your credit files.
Do 1st Stop offer bad credit secured loans?
It may be possible to get a secured loan from 1st Stop with bad credit, but your chances of approval will depend on the type of bad credit you have and the circumstances around it.
The lender will review the following to determine your eligibility:
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Severity of the bad credit: You are more likely to be approved with a minor credit issue, like a missed payment, than something severe such as a bankruptcy.
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When it was registered: The longer ago, the better as far as 1st Stop is concerned. You are more likely to be approved for a secured loan with bad credit if the issue is at least three years old, or longer if it is a severe credit problem.
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Why it occurred: Bad credit due to an unexpected life event, like redundancy, is less likely to be an issue to lenders than credit issues due to financial mismanagement
1st Stop may charge higher rates for a secured loan if you have bad credit, but having plenty of equity in your home and a strong application can counterbalance this.
Do you need a broker to apply for a secured loan with 1st Stop?
It is highly recommended that you speak to an independent broker before you apply for a homeowner loan with any lender, whether that’s 1st Stop or another UK provider.
There are many advantages to consulting with a broker, rather than going direct to a lender, not least the fact that you won’t be limiting yourself to just one line of products.
Here are some of the other benefits of applying for your mortgage through a broker:
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They will compare deals from every UK lender for you
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They can access exclusive, broker-only rates and deals
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You’ll get help with all of your paperwork
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We can save you time and money by matching you with the right lender, first time
Our brokers have a deep working relationship with 1st Stop and will compare their latest deals with equivalent products from providers across the market to help you find your ideal secured loan - get started here.
FAQs
Whether 1st Stop are a ‘good’ lender is relative. While they are reputable in the homeowner loan space, they aren’t the right option for everyone; so while they might be a ‘good’ lender for one borrower, they might be best avoided by others.
You can get a rough idea of how highly other customers have rated them by looking them up on consumer review aggregation services, such as TrustPilot.
Alternatively, speak to one of our mortgage brokers and they will carry out a thorough assessment of whether 1st Stop would be a ‘good’ fit for your secured loan.