Secured loan brokers constantly preach how a loan can provide a solution when a remortgage is declined. (I know. We do it too). But complex mortgages, equity release and bridging finance and business loans are also providing solutions for many of our introducers.
If you have a difficult scenario, but feel it has merit, call us.
Bridging finance is providing valuable solutions to today’s problems where clients are able to refinance in 9 to 18 months time, for example a remortgage when the accounts are completed. On a slightly different tack we have just placed a £250,000 – 5 year business loan as a second charge where the clients previous business folded, the new business doesn’t have it’s accounts prepared and there are over 10 Defaults and CCJ’s plus mortgage arrears.
For both complex mortgages and equity release we can put you in touch with an expert so you can let someone else deal with the whole matter. Some adverse can be accommodated and many problem cases can be more trouble than they are worth. We are placing cases which brokers would have otherwise put in the bin and there is no cross selling so you can still arrange protection and other add on’s.
Call Promise to explore secured loans, bridging, remortgages, equity release and more in one phone call. We also have new lenders in the wings so we can tell you if there may be a product coming soon which will help.
To discuss options for loans, complex remortgages, bridging or equity release call 01902 585052
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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