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CPD – 100% LTV second charge lending

CPD – 100% LTV second charge lending

There has been an update on our high LTV second charge plans.

The criteria will probably amaze you and may be of benefit to one of your clients at some point – if not why not keep our blog posts to boost your CPD file.

Key points:

  • 100% LTV at 12.0% – max loan £35,000
  • 100% LTV with adverse – 14% to 16% – 4 current mortgages arrears allowed, max 3 missed in last 12, last two payments made.
    • Max 3 months unsecured arrears in the last 12 – communications, mail order and utilities are ignored
    • No CCJ’s or defaults in last 6 months. 6 to 24 months max 3 units with max combined value of £5000
    • Bankruptcy, IVA and Debt Management plans on referral
  • 90% available from 11%
  • Ex local authority accepted – flats & maisonettes max 5 storeys in the block
  • England and Wales only

These products won’t suit all but if the alternative is a high rate unsecured loan (rate 50% to 1000%) then 12% looks fairly attractive.

Please give us a call on 01902 585052 if you wish to discuss any new enquiries.

Remember – no other packager gives you more second charge products

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.