Lower rates and new lender in Scotland
Lower rates and new lender in Scotland
Recent lender changes are good news for brokers – particularly those working in Scotland.
Step One has entered the second charge market in Scotland and refreshed it’s criteria.
This lender is already well established in England and Wales and has a reputation for taking a common sense view on unusual cases which others won’t consider.
Areas where Step One secured loans are strong:
- BTL’s where tenanted by Family members
- HMO’s on referral
- Private Leasehold flats up to 95% LTV
- Simultaneous completions on purchases or remortgages
- Will take out Bridging Finance
- Will clear Debt Management Plans & IVAs up to 85% LTV
- DMP can stay in place
- Transfer of Equity/Matrimonial Rights accepted
- Larger loans up to 95% LTV
- Larger loans at 85% LTV on BTL’s
- Will look at age over 80 on referral
- 3 year fixed rates at no additional costs
- No ERC’s
- No credit score
- Any income multiples – affordability check instead
- Solar Panel Leases Accepted.
- Will take a view on most cases outside criteria especially Loan Size, Satisfied CCJ’s
Blemain has reduced rates further with a starting rate of 7.06%.
LTV’s have also been increased on BTL second charges to 75% – the range of LTV’s, rates and options has exploded lately – especially for the quirky cases.
01902 585052
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk