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Beating the Stamp Duty Tax Changes

Beating the Stamp Duty Tax Changes

The bigger picture

Our client who is an ex pat residing in Cyprus approached me last Tuesday 29th March wanting to raise finance by way of a 2nd charge for a new BTL property before the stamp duty tax changes came into force on 1st April. With no chance of such a loan completing in time we agreed a super quick bridging loan would get the job done. We didn’t worry too much about the client being a 4 hour 50 minute plane journey away.

Thanks to some brilliant support from our lender and a highly co-operative client we were able to complete the bridge in just 3 days. Efforts included a high speed (but within limits) dash to the airport to get the documents signed. It all felt very James Bond. Our client got the funds in time, avoided the stamp duty hike and even did a bit of duty free shopping at Manchester airport for good measure. One satisfied customer.

When looking for a loan solution we always seek to understand the bigger picture. There are a lot of first, second, bridging and commercial products out there. We are here to help you find the one needed by your client whatever the circumstances. When you require this sort of help & support please talk to your BSM on 01902 267444.

www.promisemoney.co.uk

01902 585052

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£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

Representative example

£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.

Unsecured Loans

Representative example

£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.