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Comparing mortgages and loans

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Whatever the purpose of the money you are looking to raise, it’s a must to consider both secured loans and remortgages side by side so you get the best option for you.

This might sound obvious but it isn’t.

When you apply to a comparison website for a mortgage they normally pass your details to a company which just offers mortgages.
If you apply for a secured loan, they will pass your details to a company which just offers secured loans.
This makes their lives a lot easier because comparing the whole market for both loans and mortgages is difficult
But that does not help you if 50% of the options are being ignored.

Similarly some brokers are good at mortgages but not loans. Not all brokers are the same.
Often they will only consider a secured loan if they can’t help with a remortgage – or vise versa.
Many just deal in straight forward cases and pass the more complex scenarios on to packagers like Promise Money.

A few, like us, have the expertise and full range of products in house and offer detailed comparison and advice on both secured loans and mortgages – every time.
That’s why both customers and other brokers come to Promise Money to access our massive product range and expertise.

From what you have said so far it sounds like you really need a very good broker.
Think of your broker as your partner. Work together to get the best outcome for you.

Do you have a broker? If so, how good are they at impartially offering whole of market secured loans and remortgages side by side?

Whilst you consider that, here’s some videos to help with your research.

The videos on this play list relate to how to use secured loans.
This is because, when your circumstances are a little less standard, it can often make sense to keep your existing mortgage rate and borrow with a separate loan.
However, If a remortgage makes more sense, that’s what our adviser will recommend.


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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 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk