My Home Finance Review | www.myhomefinance.org.uk

My Home Finance

Final Update: November 2nd, 2016 (CLOSED)

About…
Address: Lion Court, 25 Procter Street, London, WC1V 6NY.
Branding: My Home Finance. AKA: MHF, MyHomeFinance.
FCA Licence: 638540.
From: My Home Finance Ltd.
Launched: 2010.
Memberships: Non.
Related: No companies.
Website: www.myhomefinance.org.uk.

Product Details…
Bad Credit My Home Finance Loans Available?: Yes.
Manage: No My Home Finance login at www.myhomefinance.org.uk.
Offers: Instalment and personal loans.
Opening Hours: Monday to Friday. Times not specified.
Secure (SSL): No.
Sums: £100 to £500 (new and returning).
Terms: Unspecified to 12 months.

The Pricing…
£42.13 /£300 (3) <0.156%>
£64.76 /£300 (6) <0.120%>
£183.35 /£500 (12) <0.050%>

Notes: Minimum term is unspecified, but 3 to 6 months does look to be available. Annual interest rate is 30.17% that is joined by an admin fee of 6.5% of the sum borrowed. This must be paid up front. Applications aren’t processed online. You must call them (01902 711471) to arrange a meeting at a local branch to show various documents (bank statements, proof of income, tenancy agreement etc). When they take calls is not shared. Office times would fit around the housing associations.

Noteworthy…
– Branches: A site search pulled up 27 locations. Their offices sit within existing housing associations.
– Eligibility: This service was created as a cheap alternative to high cost subprime loans (doorstep, payday etc). Those with poor credit are the target audience. If the applicant has no bank account then they can arrange one for you (through RBS). Whilst they are happy to consider most applicants (including those on benefits) affordability must be demonstrated and from reviews studied they’ll have a close inspection of your past borrowing record.
– Pricing: The max loan sum is £500. If £1000 was available then this would calculate as £366.70 over the year. Guarantor lenders tend to charge between £230 and £240 whilst the lowest subprime non guarantor cost is £228.32 with Likely. This shows that they aren’t quite as competitive as they make out in comparison to longer term subprime solutions. Their pricing however works out much cheaper over instalment periods (especially 6 months). In fact, they have now become the cheapest instalment lender after Ladder Loans recently closed down.
– Profile: MHF is well known, but not at the level that would have been expected. This is due to the organisations involved in the formation of this company. They were set up by the National Housing Federation back in 2010 that was through funding by the Department of Work and Pensions (DWP), various social landlords and Wates Giving. RBS was also involved in the project. As of January 2016, My Home Finance have processed 25,000 loans.

Updates…
– Closed. Site has been taken offline.

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