We have further products available through our complex mortgage team which may interest you. Every case is bespoke and the details below are a guide rather than rules. This is good old fashioned lending where the lender needs to get into the guts of the application rather than relying on ticking boxes and a credit score.
If you have a mortgage you can’t place, please speak to our complex mortgage team, they can deal with the whole case for you, free up your time, and still pay average commissions of £1000
We also have some packaging options and don’t forget our range of second charge BTL loans and bridging.
The adverse BTL mortgage overview is as follows. Each one needs to be sold into the lender so get an idea of the story behind what caused the problem and the circumstances now to show the problem is unlikely to reoccur.
Min Loan amount £50,000
Max Loan amount £500,000
Unlimited CCJ’s & defaults up to £2500 – Unsatisfied to be repaid on or before completion
Arrears considered up to 3 months maximum in the last 3 years on secured lending
Type: Interest Only
Max Term: 25 years
Min Income: £25k or 125% of rental income
LTV max: 60% at 6.99%
Fees can be added
No arrears in last 12 months on any secured loan
No returned items on the bank statements in last 3 months
Overdraft not exceeded in the last 3 months
First time landlords accepted
Can have 10+ BTL’s – Maximum exposure is £500K per applicant
Clients must have personal income when applying for a BTL mortgage
100% rental income considered providing there is an AST in place and bank statements show the income coming in
Condition of all mortgages – all adverse must be settled with the advance
If a client is a professional landlord can use profit from rental income but will need accountants reference or certificate
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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