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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.

www.promisemoney.co.uk

01902 585052


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    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 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk