High LTV secured loan for borrowers with past arrears or poor credit

High LTV secured loan

NEW Secured Lender – High LTV – poor or bad credit accepted – rates from 8.9% – LTV’s up to 85%

We have been promising to bring a new lender to the market to pick up the high LTV declines of Nemo and Shawbrook.
Well it looks as if we may have two lenders shortly but here are some details of the first one.

Place more loans – including previous turn downs

This lender is operating in an area of the market where there were previously no options so now we can simply place loans which would otherwise have been declined.
It is therefore well worth reviewing your recently declined cases.

Also please note this is not just a high LTV lender. There are many other areas where this lender offers terms not available elsewhere.

Key points

• Loans are available up to £50,000 with rates from 8.9%
• Certain CCJ’s/ defaults and unsecured arrears ignored up to 85% LTV
• A mortgage arrear over 6 months ago or CCJ/default over 12 months considered up to 80% LTV – no other lender does this at sensible rates / loan amounts
• Will lend on BTL’s to 70% LTV with normal CCA redemptions – other lenders 65% max with higher redemptions
• Affordability calculation is solely based on income and expenditure – only Blemain previously worked this way – Rates with new lender start at 8.9% so 2% cheaper
• No cap on LTV for Ex Council houses and minimum valuation £75,000. As a comparison, we can now offer 85% on a low value council house where as most other lenders would lend at 60% to 75%
• Loans are available for property purchase or business purposes – also with normal CCA redemptions – most lenders wont accept this – certainly not at such competitive rates/LTV’s
• A sensible and bespoke approach to applications failing a little outside criteria

www.promisemoney.co.uk

01902 585052