What are the requirements for a Mid-Term Refinance?

The requirements for refinancing an existing loan before its maturity differ between Commercial and Consumer applications.

Commercial Lending:

• Assessment Path: Available under Streamline only.

• Income Verification: Requires 6 months of business bank statements to be verified via Illion (bank statement analysis).

• A current loan statement is required if we cannot clearly see the repayments on the bank statement.

Consumer Lending:

• Documentation: The application must include:

  • Current car loan statements confirming:

    • Current balance

    • Minimum repayment

    • The facility is up to date

  • A payout letter from the current lender.

• Key Condition: The Refinance of the current Car Loan must demonstrate a financial benefit for the applicant based on repayments. For Balloon payments, this does not apply.