Large secured loans £30000 to £50000

Large secured loans

Large loan update – better products to help leave the existing mortgage in place.

The size of large secured loans available has increased recently and we have seen a big uplift in large loans. This is particularly attributable to Shawbrook which will readily accept a £50000 secured loan but will now lend up to £200,000 and also has rates available from 6.9%. Previously the main option for large loans was Blemain with rates from 10.9% so it is now much more attractive to explore a secured loan rather than remortgaging, especially if you can avoid losing a beneficial mortgage deal or suffering high ERC’s. Particularly with Shawbrook, there is the added benefit of minimal ERC’s (28 days notice and £195) and the ability to over pay.

For the larger loans and best rates, Shawbrook will be looking for borrowers with plenty of equity and a very clean credit profile which is fair enough given the loan amounts and excellent rates on offer. However the new £200K loan is also available to self employed borrowers who can prove income with an accountant’s reference and loans up to £125,000 are available based on bank statements to prove self employed income.

We have many other options for borrowers who have adverse, limited income, are over age 70 and much more. So if you have clients who don’t want to jeopardize their existing mortgage rate, please consider that there are even more choices available to raise additional borrowing via a secured loan.

Below is a summary of the main secured loan USP’s

• Rates from 5.9%
• Interest only loans
• Bridging loans regularly turned around in 1 week
• 2nd charge loans from £5k to £3million
• No accounts – up to 85% LTV with bank statements. Rates start at 7.9%
• Self cert with back up also available
• Business loans based on income projections or bank statements
• Historic CCJ’s and Defaults can be ignored so no impact on rate or criteria
• Normal income multiples (6X income) ignored if income & expenditure stacks up
• Benefit income, pensions, part time and cash in hand income accepted
• Loans for business purposes, to clear IVA’s or pay off tax bills
• BTL properties can be used as security as well as many non standard constructions
• borrow up to age 80

Please call us to discuss your large loan requirements. Also we are placing many large cases where the loan is for business purposes, there is adverse credit or proving income is difficult.

www.promisemoney.co.uk

01902 585052