New secured loan up to 99% LTV
Secured loan up to 99% LTV
Here’s another new lender – 95% with mild adverse (99% on referral)
We are going through a phase of new lender overload with a new unsecured lender last week, a 95% secured loan today and two more lenders planned for launch.
However, we are not complaining. Promise already has the largest loan panel in the UK and today’s addition make it even bigger – now standing at 15 lenders the panel will be 16 by the end of the week. There simply isn’t another master broker to come close.
Promise has a longstanding relationship with the team at this lender and we are delighted to be helping them take their High LTV Loan to the wider market. This loan fills an important gap between the 85% LTV lending of Nemo/Shawbrook and the smaller, higher rates loans of Evolution and First Stop.
The high level criteria for this high LTV loan is as follows:
- £5,000 – £9,000 up to 100% LTV – lower rates than Evolution and First Stop
- £10,000 – £15,000 up to 95% LTV – larger loans than Evolution and First Stop
- Up to £20,000 considered on referral
- Up to 99% LTV considered on referral
- Mild arrears on unsecured credit can be considered but recent conduct must be good
- Small historic CCJ’s and defaults will be considered
- No current or historic mortgage arrears on the credit search will be considered.
- Rates from 1.8% to 2.25% per month
It may be worth reviewing any high LTV cases which have been declined on LTV or where your clients rejected an offer from Evolution due to the repayments being too high.
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