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Secured Loans Tips & Ideas

Contract / agency workers and probation

Contract workers technically are self employed but don’t have a business which does anything other than hires out their time. Moving from contract to contract means you don’t appear to have the stability that some second charge lenders like when in fact your income maybe more secure than an employed person simply because you can […]

BTL loans and tax advice

If you are a landlord you will probably know that recent legislation is making it more complicated for Buy to Let landlords to borrow, less tax efficient and more costly. Secured loans are often used for a deposit to buy another property or to refurbish one which is already owned. We have a wide range […]

Self employed 6 months?

Most mortgage lenders will want to see at least two years trading figures, a few may accept one year but this will be reflected in the rate they offer. There are secured second charge lenders which will accept borrowers who are only self-employed for 6 months and they will offer a self-employed secured loan at […]

Low rates even with CCJ’s or Default’s

The high street lenders don’t like CCJ’s and defaults. However our lenders regularly accept them and the interest rates may be just the same as for someone with a clean credit history. For example, if you have a few recent small CCJ’s / defaults for just a few hundred pounds, many lenders will ignore them […]

Best rates with mortgage arrears

Mortgage arrears are seen by lenders as a good indication of whether borrowers are likely to have problems in the future. However anyone can have a blip in their credit for a few months so it’s useful to know what lenders will consider. In the mortgage market lenders tend to look at arrears in the […]

Home improvements – Don’t slip up

A lot of people get caught out and realise part way through major home improvements that they need to raise extra cash. Here’s a few tips. Your house may be in lovely condition but as soon as you start knocking it about its value goes down before it goes up. If you have a half […]

Debt consolidation – Get advice

One of the most common uses of secured loans is for some form of debt consolidation and whilst it may be tempting, as the TV adverts used to say, to “consolidate all of your credit in to one convenient monthly payment”, there is more to think about than that. Part of our adviser roles is […]

4 ways in which second charges helped our BTL clients

In early 2017, new regulations from the Prudential Regulation Authority (PRA) come into force, which will tighten the rules on affordability for clients who are seeking to raise finance for a BTL. In preparedness for this, lenders are beginning to tighten their criteria on, though the rules are still flexible for the time being. […]

Top Tip: Be clear on your brokers scope

In March 2016, a new piece of regulation was bought in for mortgage brokers which dramatically changed the face of the industry. This is known as the Mortgage Credit Directive or the MCD. […]

Simultaneous First and Second Charge Loans

A growing trend we have seen here at Promise Money is an increasing number of borrowers are looking to complete a mortgage and a second charge at the same time. […]