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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.

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.