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New BTL loans with low costs, low ERC’s & low affordability thresholds

New BTL loans with low costs

The interest rate is 9.95% which is generally 1% lower than any other current products.
The product can be self funding provided the rent is more than 110% of the first and proposed second charge repayments. There is no requirement for borrowers to have £25000 additional income.

Loans are available up to £75000 at 65% LTV and aimed at borrowers with a clean recent credit profile.

Further details are as follows:

  • Satisfied or unsatisfied DF’s and CCJ’s over 2 years old and below £5,000 ignored
  • No secured arrears in last 3 years
  • Max credit card arrears 1 month provided up to date now
  • England, Scotland & Wales only
  • Minimum term 3 years, maximum term 25 years
  • Must be let on a single AST. Copy of the latest in date Assured Shorthold Tenancy (AST) required in every case
  • Residential investment properties only – No DSS, HMO
  • Capital & Interest only
  • Loans for any purpose except to fund the purchase of additional properties
  • Available to both employed and self employed applicants
  • Minimum age 21 at completion. Maximum age 80 at the end of the loan term
  • The maximum number of residential investment properties in a borrowers portfolio is 3
  • ERC – 3% first 5 years and 1% thereafter

Please call the team on 01902 585052 to discuss any new cases

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.