BTL second charge loans reduced to 5.79%
BTL second charge loans reduced
If you deal with BTL landlords this could be a product you have been waiting for.
Prestige Finance has announced a completely new range of Buy-to-let second charge loans which allow landlords to release equity without having to restructure their main portfolio or existing buy-to-let mortgages. Importantly these loans are at rates significantly lower than ever before.
Perfect timing really as it is Prestige referral day today.
Prestige underwriters are on site at Promise to look at your new enquiries.
The new variable range includes:
Buy-to-let – Professional Landlord
- For three or more properties in portfolio
- Rates from 5.79%
- Loans up to 75% LTV
- Loans available from £25,000
- Maximum loan size £1,000,000 per property
Buy-to-let – Standard
- For fewer than three properties in portfolio
- Rates from 6.99%
- Loans up to 75% LTV
- Loans available from £25,000
- Maximum loan size £200,000 per property
Other key points
- CCJ’s and arrears can be ignored over 12 months old
- Borrowers considered up to age 85 at end of the term
- Affordability can be assessed on rental coverage only – from 110% to 125%
- Available in England and Wales only
We can take enquiries for these products with immediate effect. Please send a DIP form or call an underwriter on 01902 585052.
The sourcing system is in the process of being updated and will carry these products shortly.
Find out more about Prestige at the Secured Loan Club.
01902 585052
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