As Evolution Lending are responsible lending partners to Evolution Money, it’s important to us to be sure that customers applying for second charge borrowing are able to afford their loan now and throughout the loan term.

To facilitate this, a loan application through Evolution Money will require a detailed Income and Expenditure Assessment to be discussed. This will include information about:

  • All the money coming in and out every month, and all payments being made.
  • Including : Contractual payments such as mortgage, loans and services.
  • Other regular amounts for food, clothes, travel and entertainment.

To help you collate this information, you can download our comprehensive Income and Expenditure form from the Evolution Money website or fill in online: www.evolutionmoney.co.uk/help-and-advice/income-and-expenditure

When making an application, one of Evolution’s professionally trained Underwriters will go through the information with you. So before speaking to one of the team, , it’s recommended for you have this form in front of you (either printed or online) and this will assist the smooth progress of the loan application.

Please remember, you need to be as honest and as accurate as possible, so that the Evolution team can advise you on the most affordable loan which suits you and your circumstances.

If Evolution Money are unable to carry out the affordability assessment because you have chosen not to provide the required information;

  • Evolution Money will not be able to process your loan application.
  • You will not receive the credit that you have applied for.

A credit search will be carried out so that they can clarify all the information provided. You can find more information on credit searches here www.evolutionlending.co.uk/privacy-policy/

As part of the application process, they will also ask you to provide copies of your bank statements and wage slips or Self-employed account documents as evidence to confirm what is discussed together;

  • 3 pay slips if paid monthly – 4 pay slips if paid weekly or fortnightly.
  • 3 recent monthly bank statements.
  • If Self-employed : SA302 form or Certified Accountants Certificate.

We hope that the Income and Expenditure form helps you record the financial information you need for the affordability assessment, and for your Evolution Money loan application.

PLEASE THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING, YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU PAY.