I want to let you know about an exciting new First Mortgage lender recently added to our panel. A lender with decent criteria but which applies heaps of common sense too.
Apply this test
If you feel the case makes good sense – the positives outweigh the problems – then give me a call. Obviously be mindful of the regulatory landscape (no self cert’s etc.) but a strong case never goes ignored – see below:
Day 1 self-employed projected income considered with relevant experience
The applicant was employed and managing a wine bar and an opportunity came to purchase the business. He took the opportunity to buy the wine bar and at the same time decided he wanted to move closer to his business. The case was accepted on a self employed basis based on projected income because of the borrowers strong previous experience and taking over a successful business.
Contract worker with less than 3 months left on a contract considered
This applicant was working on a short term 3 month contract with 2 months left to run and no automatic renewal. He was in a profession where there is good demand for his skills and the lender was therefore comfortable to recommend the application for funding.
Other useful considerations
Adverse rates from 2.39%
Consider 1 years accounts for Self Employed in a new field of business
Dependent relative mortgages
Mortgages for people working abroad
Zero hours contracts accepted
Every deal has a story. If you have a first mortgage case to place which makes sense, call me and I’ll try this lender for you.
2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
£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
£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.
£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.
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