At Promise we aim to help you satisfy more of your clients needs and consequently make your business more successful.
So, if you are turning away capital raising remortgages, please give your Promise underwriter a chance to do the leg work and find a suitable second charge.
Many of the loan enquiry’s we receive are Prime – rates below 4% and typically £50K to £150K.
However, most require more flexible underwriting and benefit from the range of income or adverse scenarios we can cater for.
Here’s an overview of where they regularly help other brokers:
- Self employed 6 months – management accounts plus projections
- Director / shareholders – add retained profits back for affordability
- Contract workers / in probation / need to use maternity income – no income multiple caps
- Retired applicants, benefit income, interest only
- BTL’s – 115% rent coverage and no affordability
- Arrears in the last year but up to date now – get prime rates
- All satisfied CCJ’s ignored, any amount – get prime rates
- A few Pay Day loans – if it’s a good story – get prime rates
- Unsecured arrears ignored – get prime rates
- Adverse ignored over 12 months old – get prime rates
- Smaller recent outstanding CCJ’s and defaults – ignored
- Paying off debt management plans
- Raising capital but doesn’t want to clear the debt management plan
- Unlimited arrears, CCJ’s and defaults – to 75% LTV
- Paying off IVA’s and bankruptcy’s – up to 75% LTV
Other common issues
- Non standard property construction, uninhabited due to heavy refurbishment, ex-council flats.
- Complex debt consolidation, Business loans, Tax bills, Interest only.
- BTL complex – Ex pat’s with adverse or no UK history and no other UK property.
- First mortgagee wont consent or third charge needed
If your client is capital raising, and you can’t place a mortgage, I recommend you give Promise a quick call before turning it down.