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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.

I thought it might be useful to give you a brief summary of some of our other more niche products.

As you will probably know, we 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

www.promisemoney.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.