Responsible lending – our approach
Being a responsible lender - our commitment
We take our responsibilities as a lender seriously.
That means we have a responsibility to you, our customers, to be open and honest, to provide great value, to treat you fairly, and to be safe and secure.
These principles affect every thing we do. The way we lend money is no exception.
That's why we are committed to being a responsible lender. This statement tells you about our approach, whether you want a mortgage, personal loan, credit card or an overdraft. It also outlines what we ask of you in return. If you have any queries, please don't hesitate to ask.
This is what you can expect from us
- products and lending criteria designed to meet your needs
- competitively priced products which we promote in a balanced way showing the risks as well as the benefits
- clear information on the cost of your borrowing, any fees and charges and our terms and conditions
- no requirement to take any other product from us as a condition of your borrowing
- an assessment of your ability to make regular payments and repay the loan, using appropriate credit assessment techniques, before providing credit
- where the credit limit is solely at our discretion (e.g. Credit Cards and Overdrafts), we will take into account your current and previous financial activity.
- reasonable notice of interest rate and payment changes affecting you
- a limit on your borrowing that we believe will ensure you don't overstretch your finances and which will allow for some increase in expenditure
- under strict controls we may share credit data with other lenders both to improve the quality of our decisions and to reduce the risk of you becoming over-committed
- your personal information treated confidentially and in accordance with Data Protection legislation
- prompt and professional handling of any queries or complaints you may have
- considerate treatment of payment issues and arrears.
We ask that you
- provide accurate and complete information on your application
- regularly assess your borrowing and, if you are having difficulties in managing your monthly payments, contact us so we can discuss any help/assistance available
- understand the terms and conditions on which the money is borrowed, seeking further information and help if needed
- decide for yourself how much you wish to borrow, up to the maximum we will lend based on your circumstances.
- ensure you have the means to repay the loan at the end of the agreed term if you have taken out an interest only mortgage.