The lowest loan interest rate for at least 6 years
The lowest loan interest rate
To start the year I am pleased to tell you we have a major product change which will enable you to complete more secured loans and offer your clients more competitive rates. There is also more good news in the pipeline over coming days and weeks especially at the high LTV end of the market – up to 90% LTV. We will be offering lower rates and accepting higher levels of adverse credit, at higher LTV’s, than have been available for many years. Other products are available now and are awaiting release on the sourcing platform in the next day or so.
I recommend you revisit your old cases as they may qualify for better products – Today’s changes are very significant. Here is what’s new and available on the Promise sourcing system today.
Loans available up to £200K up to 75% LTV – previously £100K Lowest rate now 5.7% APR ( 5.592 annual) – Previously 7.2% APR ( 7.008 annual) Self employed loan amount increased to £200K – Previously £60K Self employedinterest rates reduced to 6.7% APR – Previously 11.4% APR Self employed defined as owning 35% of shares – previously 25%
2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
£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
£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.
£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.
If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. 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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