Main Menu Button
Login

Fantastic improvements to near prime seconds

Fantastic improvements to near prime seconds

Some great new criteria has arrived from Step One which I thought you might want to know about.

Step One tend to pick up the high LTV and more complex cases and there are some really useful new features to their loan plans.

Here is a sample which might solve a few problems for your clients:

  • First mortgage won’t consent to a second charge? – can still lend up to 80% LTV, including on BTL’s
  • No maximum age (standard Lending into Retirement requirements apply).
  • Applicants in probation acceptable.
  • Adverse now only assessed over 12 months on secured & unsecured accounts.
  • Arrears in last 12 months considered.
  • No ERC’S on any plans – great for credit repair.
  • Will pay off debt management plans
  • Unsecured loans/HP agreements with 3 or less months to run ignored for affordability purposes.
  • Rates now start at 6.9%
  • LTV’s up to 95%

If any of these points strike a chord with one of your clients please give the underwriters a call on 01902 267444.

www.promisemoney.co.uk

01902 585052

Share This Page



Find a mortgage

Enter some details and we’ll compare thousands of mortgage plans – this will NOT affect your credit rating.

How much you would like to borrow?

£

Type in the box for larger amounts

For how long?

yrs

Use the slider or type into the box

Do you own property in the UK?

About you...

Your name:

Your forename:

Your surname:

Your email address:

Your phone number:


By submitting any information to us, you are confirming you have read and understood the Data Protection & Privacy Policy.

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.