Learn more about help to buy on previously owned properties
New “Bridge to Term” for BTL and HMO refurb’s
Bridge to Term
If you have clients who buy and renovate BTL’s and HMO’s this new product should be very helpful.
Often there are challenges getting a mortgage at the outset due to property condition, income, no tenant in place, etc, etc.
This can leave your clients looking at bridging loans and then remortgaging – two sets of fees, uncertain exits and loads more hassle
Take a look at our new “bridge to term” product
- Light, medium and heavy refurb cases accepted – BTL or HMO
- Lender provides bridging loan and finances its own exit
- Clients only pay lender fee’s once on the bridging loan – when works done switch to the term product.
- Rates from 0.70% on the bridge
- Rates from 4.2% on the term loan (3/5 year fixed available)
- Light refurb 75% LTV
- Heavy 70% LTV
- Promise pay you a 1.25% proc fee plus you can add your own fees
This is just one of the many BTL and HMO products available through Promise Specialist Lending
Talk to us about your next non standard case.
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.