The first step is a conversation with your solicitor to understand the funding options available to you. If you choose to go ahead with a Novitas loan, your solicitor will arrange insurance, complete and submit an online application and you will receive an email from us to approve it.
Once you have approved the application. It can take up to three weeks to get the loan in place. It may take longer if queries arise from your application or credit search.
If your loan is approved, you will need to sign and return the loan agreement documentation.
Once we have received all of the documentation there is a 14-day statutory cooling off period during which you can change your mind about continuing with the loan. Thereafter your solicitor can make requests to draw funds from your loan.
No. Your solicitor accepts obligations to Novitas, so you need to be represented to use our loan service. If you subsequently choose to act for yourself, you will be in breach of the loan agreement and will need to make repayment immediately.
No. Once you have the agreement pack, we recommend that you take independent legal advice, however this is optional. Independent legal advice ensures you understand the loan and the implications if you do not repay it. You have the option to sign a waiver to confirm that you do not wish to receive such advice.
We carry out standard credit checks as part of the application, known as a soft check, which does not affect your credit score. If you have a County Court Judgement (CCJ) or Individual Voluntary Agreement (IVA) to pay off an existing debt we are unlikely to lend, but please consult your solicitor.
If you make the first drawdown more than one year after your Novitas loan is made live, or you later require a loan extension, we will carry out a further credit check.