Higher LTV’s and lower loan rates from Blemain
Higher LTV’s and lower loan rates
We have some improved Blemain terms to share with you. Given this is good news for all brokers,
Some of these changes are significant and give us higher LTV’s, some lower rates and ignore ERC’s from the equity calculation. Blemain is particularly useful for business loans, poor credit, self employed and bridging loans.
The key changes are as follows:
NEW Mortgage Reference and Redemption Figure Bypass Scheme
This is a big bonus – on all CCA loans up to £50K, Blemain will now rely on the Equifax search to establish the amount owing on the mortgage for equity purposes. If there are ERC’s, these will now be ignored. This will speed up the process and effectively gives us more equity to play with where there are high ERC’s on the first mortgage. Note – on BTL’s and loans over £50K, Blemain will still work on the redemption figure for equity purposes.
Prime Plans:
New plan up to 77.5% LTV – max loan still £50K gross
LTV increased to 67.5% on ‘B’ type properties – previously 65%
Reduced rates: rates from 10.95% to 10.29% below 55% LTV
Light Plans:
1 demerit plan allowed up to 75% LTV (previously 70%) and rate reduced to 11.39%
Medium Plans:
NEW PLANS introduced – 4 Demerit plans up to 70% LTV (previously 65%)
New services
Electronic Identification – (EID)
Blemain have launched a prototype EID in Blemain Finance for certain packagers. This will in most instances fulfill the Know Your Customer (KYC) requirements as part of the online credit search process.
As this is a prototype Blemain will carry out random audit checks on ‘pass’ decisions’, so may require the full KYC documentation in some instances, however they expect this to be less than 1% of cases.
01902 585052
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
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.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk