Masthaven Secured Loans have extended their lending into Scotland today. This lender offers a good service and takes a sensible view on applications a little outside criteria.
There are some useful niches (also available in England and Wales) as follows:
Residential 2nd Charges Loan amounts up to £100,000 LTV’s up to 75% Term 3 – 25 yrs Loans available for most purposes including business Available for both employed and self employed Transfers of equity/marital buyouts accepted.
Buy to Let 2nd Charges Loans up to £50,000 Genuine interest only option available LTV up to 65% LTV Term from 3 – 25 Years Minimum property value £125,000 Lower ERC’s than Blemain
At first glance there are some key niches in the criteria as follows:
Self employed – will use bank statements but no restriction on income (LTI) multiplier Contract workers – easier to prove acceptable income Lower value properties and ex council houses at higher LTV’s than similar lenders Interest only now available from £5K (previously £25K) More flexibility on non standard constructions They will lend on BTL’s – lower ERC’s and again better LTV’s on ex-council houses All council pre-emption discount ignored
2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.
Secured / Second Charge Loans
£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.
£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.
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.
If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.
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