High LTV above 125% secured loans including poor credit

High LTV above 125%
A broker mentioned that he had forgotten about our 125% LTV (adverse accepted) secured loans.
It might be useful to give you a brief summary of some of our other more niche products.
Promise Money have a range of mainstream secured loan lenders which lend up to 85% LTV and offer rates from 6.9%. However, these additional products might occasionally fulfil a need for clients with adverse credit and little or no equity. Third charges are also available.
Evolution loans
Niche’s Will lend on a first, second or third charge basis
Will lend in N’ Ireland (plus England and Wales)
Will lend above 125% LTV
Will take adverse credit
Will take Part time applicants -16 hours/ week minimum
Advance £1000 – £10000
Mortgage arrears None in the last 3/6 months
Secured Arrears Max 3 months
CCJ’s/Defaults plans for clean and unrestricted adverse
Term 12 – 120 months
Rates From 20% – typical 40%
Lender Fee 18%
Comments Rates,terms and loan amounts vary dependant on client profile
First Stop Loans
Niche’s Will take third charge
Will lend in Scotland (plus England and Wales)
Will lend to 125% LTV
Will take adverse credit
Will take Part time applicants -16 hours/ week minimum
Advance £1500 – £7500
Mortgage arrears 1 in the last 4 months – max £2000
Secured Arrears 1 in the last 4 months – max £2000
CCJ’s /Defaults No defaults in last 4 months
Term 24 – 60 months
Rates From3.5% to 5% per month
Lender Fee 30%
Comments Rates, terms and loan amounts vary dependant on client profile
Unsecured Pension Loan
Niche’s Unsecured loan – no charge – no equity needed – tenants accepted
Any loan amount and any adverse considered including settling IVA’s and Bankruptcy
Rates from 10%
Any legal loan purpose considered – including purchase/ remortgage deposit/ business start up
Bank statements to prove income or interest roll up for start-up businesses
Can borrow between 35% and 50% of pension value
England, Wales, Northern Ireland, Scotland including Scottish islands and Channel Islands
Advance £1000 to £500,000
Mortgage arrears Any considered
CCJ’s Any considered
Defaults Any considered
Unsecured arrears Any considered
Term 5 to 25 years
Rate 10% to 15%
Comments Borrowers must be prepared to switch their pension to the lenders preferred investment via a SIPP – minimum pension value £20000 (lower amounts considered on merit)
Loans Secured on Personal Assets
If your clients need fast bridging and short term loans they can borrow against personal assets such as jewellery, watches, cars, etc
Niche’s No income checks
No credit checks
Can complete in a few days
Homeowners or tenants
Advance £1000 – £1,000,000
LTV 70%– Jewellery and watches
50% – Fine art, Antiques, Prestige Cars and Yachts
Mortgage arrears Any
CCJ’s Any
Defaults Any
Unsecured arrears Any
Term 1 month to 12 months
Rate 2.49% to 3.99% per month
Lender Fee 2.5%
Exit Fee none
Comments Homeowners only (must be joint application if married/partner/joint homeowner)
Income – minimum £1,200 single application (£1,600 joint)
England and Wales only
No Bankrupts.
With all lenders above, after applying, the lender will liaise direct with your clients until completion.
You can apply for these products on the Promise Solutions website.
For more information call 01902 585052 or go to www.Promisesolutions.co.uk
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.