Equifinance relax 80% LTV secured loan for recent arrears & CCJ’s
Equifinance relax 80% LTV secured loan
Equifinance, the specialist secured loan lender, has relaxed its criteria most notably to accept applications at 80% LTV with missed mortgage payments in the last year. This niche product is one brokers should be aware of, particularly as there is a perception by many that over 75% LTV all second charge applications need to be squeaky clean.
Whilst some lenders will disregard all adverse credit over 12 months old, even at 85% LTV, the latest update from Equifinance goes further and fills the gap for those borrowers with more recent adverse who also need a higher LTV. This is not a product for all but with low ERC’s it can provide the finance required right now with a view to refinancing when circumstances improve.
The key points are:
- 80% LTV – must have paid 5 of the last 6 mortgage / secured payments – maximum loan £15000
- 75% LTV – must have paid 4 of the last 6 mortgage / secured payments – maximum loan £30000
- Ex council houses, flats and maisonettes accepted – max 5 storeys
- Recently self employed accepted
- Unlimited CCJ’s or defaults
- Rate – 19.2%
Equifinance’s other recent changes include accepting single applications from co habiting couples, increasing repayment terms to 300 months and accepting second charge behind Preferred Mortgages.
Details are available from Promise Solutions on 01902 585052 and instant comparison quotes are available at www.promisesolutions.co.uk
01902 585052
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 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
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