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Sometimes a second is just easier

Sometimes a second is easier

Just for a change, rather than tell you about the niche products we offer, here are some more straight forward examples of large recent second charge cases.
If you get something similar or see a facility which could suit your client, please give me a call.

  • Interest only loan – but it reverts to capital and repayment after 5 years.
    Mrs had gone self employed and wanted to reduce the outgoings in the short term but repay the entire loan over the term.
    This was perfect and very competitively priced
  • Large debt consolidation loan – it failed affordability for a first mortgage.
    Our lenders disregard all consolidated credit from the affordability calculation and have an appetite for up to 100% debt consolidation.
    This is a common issue which we can often accommodate with a second charge allowing you to remortgage in a year or so.
  • A remortgage would force borrowers to lose their interest only product and could even force them to downsize.
    A second charge raised the cash they wanted and kept their outgoings low.
    Our clients could stay in their home until they were ready to downsize in a few years time and pay off the interest only mortgage then.
  • Borrowers still in probation – remortgage options limited
    We have a number of lenders which consider probation at rates from 3.65%
    Also special considerations for contractors and rolling contracts.
  • New self employed business and we needed to use dividend income from previous businesses to demonstrate affordability.
    Clients wanted to raise £100K deposit for a BTL but there was a complex mixture of employed and self employed income plus a recent change of business status.
    The broker couldn’t find a first charge lender willing and able to consider the complexity although the proposition made perfect sense.

Please call us first with your next second charge enquiry.
It can be really niche or mildly complex like the ones above.
Or I’ll happily accept an easy case just because it makes financial sense for your client.

Please call us on 01902 585052 in the first instance.

www.promisemoney.co.uk

01902 585052

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    Notes...

    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 secured on land
    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 £317807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
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    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 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk