Property Auction Loans
Your bank may offer 100’s of products and plans.
Promise Money has over 10,000
Why choose us?
Your bank may have 100’s of bridging loan plans – we have over 10,000!
Plus, we have…
- 30 years of experience
- Experts at finding low rates and solving problems
- Friendly and fast advice
Promise Money have bridging loan plans available for everyone, including those with credit issues…
Using one of the most comprehensive bridging loan panels in the UK, we can search for the best deal for you.
Why go for an Auction Bridging Loan?
Of course if you can arrange a standard mortgage this would be ideal as the rates are lower than bridging. However in an auction scenario getting a term mortgage may not be an option due to the condition of the property, affordability or time constraints.
Fortunately there are lenders which are prepared to make you an offer based on the purchase price of the property so you can bid in the knowledge that you have an offer in principle from the lender to cover a percentage of the purchase price.
Properties for sale at auction often need refurbishment or structural work and are generally bought by investors or developers/ builders to make a profit on resale or to rent out. Consumers looking to buy a cheap house to live in should be cautious as the property may have some flaws which are not immediately obvious. If you are not an expert take a builder or surveyor with you to view the property before you bid.
Auction Bridging loans / short term borrowing are not the cheapest form of credit so always weigh up the costs of bridging finance versus the benefits.
More Help
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