Getting a commercial mortgage
Guarantor Loans
Guarantor Loans
Guarantor loans now available
Many brokers have asked for access to more fringe products, particularly for clients who have no equity or have adverse credit. Promise already offers the widest panel of secured loans and bridging loans but also provides a wider choice of solutions to complicated cases than any master broker.
In response to requests from brokers we have extended the range of high LTV secured loans, unsecured loans, asset loans to include guarantor loans which have been added to our portal enabling you to quote and apply immediately.
Guarantor Loans won’t suit everyone due to the rates and loan amounts on offer. However, they may be ideal for clients who can’t get credit in own name and, whilst more expensive than secured loans, they are much cheaper than payday loans (which may be one of the few alternatives). The guarantor must be a homeowner but can have historic CCJ’s, defaults or historic arrears. Rates are typically in the region of 46% APR
Details of Guarantor loans
Loans from £1000 to £6000
Age
Applicant: 18 – 69 (at end of term)
Guarantor: 23 – 69 (at end of term)
Time at Address
No Minimum for either Applicant or Guarantor
Disposable Income
Applicant £400 (£600 for Loans of £5,500 & £6,000)
Guarantor £400 (£600 for Loans of £5,500 & £6,000)
Employed
Applicant: 3 Months minimum
Guarantor: 3 Months minimum
Self Employed (£3,500 Max)
Applicant: 3 Months
Guarantor: 6 Months
Guarantor CCJ’s & Defaults
There are no restrictions on this plan
Guarantor Mortgage Conduct
No Missed Payments or Arrears in last 3 Months
Guarantor Mortgage & Secured Loans Installments
Can be assessed as 50% of the monthly installments providing we have confirmation it is a joint account.
Loans from £6500 to £7500
Age
Applicant: 18 – 69 (at end of term)
Guarantor: 23 – 65 (at end of term)
Time at Address
Applicant: 3 Months Minimum.
Guarantor: 12 Months Minimum
Disposable Income
Applicant £600
Guarantor £600
Employed
Applicant: 6 Months minimum
Guarantor: 12 Months minimum
Self Employed (Not Accepted)
CCJ’s, Defaults & Other Credit Transaction
No CCJ’s in the last 36 Months
No Defaults in the last 12 Months
Guarantor Mortgage & Secured Loans installments
Will be assessed as the full monthly installments
regardless if the account is a joint account.
Guarantor Mortgage Conduct
No Missed Payments or Arrears in last 12 Months
Guarantor Secured Loan Conduct
No Missed Payments or Arrears in last 12 Months
Applicant Homeowners
If an Applicant’s residential address is owned in joint names then we will require the agreement to be in Joint names along with Joint names along with the co-owner of the property the co-owner of the property
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.