To begin the application process, you will need to complete an application form on your client's behalf. You can access this via your dedicated online portal which is available once you have signed the Global Terms agreement with Novitas. Your client will approve the application before Novitas will make a lending decision.
If Novitas approve the loan application, loan documents will be sent to the client directly. The client is required to take independent legal advice (ILA), which they pay for directly, and they send evidence of this, and their signed documents to Novitas.
Once Novitas receive the signed documents (including the ILA document) there is a statutory 14 days cooling off period before the first draw down can be made, with your client's approval.
If after the cooling off period your client chooses not to proceed with the loan, they will be charged the administration fee of £500 or 1% of the facility, whichever is higher.