If you are looking for flexible lending, then please talk to us about our range of second charges.
With more lenders than our competitors and our manual underwriting, we aim to provide you, and your clients, with better rates, more acceptances and where possible surpass anything available on any sourcing system.
Here are a few second charge examples where the rates could be far lower than you expect:
Applicants had 2 CCJ’s in early 2017 – £1750 and £3000. They managed to pay off the CCJ’s recently and we negotiated a rate of 3.9%
A couple had 5 months mortgage arrears last year but have paid regularly since then and brought them up to date a few months ago. They qualified for a rate of 3.9%. Had their credit score been higher it could have been 3.73%
Borrowers were in an existing IVA and wanted to pay off the IVA and repair their credit. Historically lenders were offering around 10%. We placed this on referral at 5.99%.
If you can’t place a capital raising remortgage, please call us – We hope you will be pleasantly surprised. If the remortgage rate you can get is high – let us see if a second plus the existing mortgage is cheaper.
Many of our lenders don’t have LTI caps – so based on affordability we are placing many cases declined by other packagers.
Please call or email us with any queries you may have.
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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