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Latest product roundup

Here’s a summary of October’s positive changes in the second charge market.

If you want us to relook at cases you have submitted previously (or elsewhere) please let us know as lower rates and criteria changes could mean they now fit.

The key changes are:

  • UTB rates reduced on higher LTV cases – 75% LTV from 4.95%
  • West One reduced leading rate by 1.5% to 3.79% – Now even better for your tight affordability cases
  • Prestige reduced leading rate to 3.69%
    • Plus accountants certificate accepted up to 85% LTV if only 1 year available
    • New Near Prime product from 4.99%
  • Together – reduce Prime rate to 5.34%
    • Ex council flats – including high rise
    • RTB purchases – ignore all pre-emption discount
    • Shared ownership
    • Non standard construction, defective or poor remarks on the valuation
    • Zero hours contracts
    • Interest only
    • Matrimonial settlements
    • Using all ongoing benefit income
    • 4 way applications
    • Income verified by accountant’s projection

We are keen for a strong run in to Christmas so you have payouts in the pipeline for the New Year.

www.promisemoney.co.uk

01902 585052

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


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.


Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.

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