Second charges at 100% LTV

Second charges at 100% LTV
Evolution have released a cracking new product for certain quirky / high LTV scenarios.
Rates have now dropped on 100% LTV second charge to a level which makes them hard to ignore.
If equity or first mortgage consent has been a problem in the past this latest product from Evolution Money should be a welcome addition to your toolbox as follows:
- 100% LTV
- Maximum loan £20,000
- Rate 12.7%
- First, second or third charge is accepted
- Adverse credit plans available – still at 100% LTV but higher rate
- No physical valuation carried out – desktop only
- Standard 1 month ERC’s
- Consent not required from the first mortgagee
Call your underwriter on 01902 585052 or source a quote online.
If you have not spoken to your underwriter recently, please call so they can update you on our latest compliance and quoting tools. Especially ask about Active Management.
Promise truly gives brokers more choice and offers services which our competitors dream of.
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.