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Mortgages and Loan Guide

This quick and easy guide helps find personal loans and mortgages which are right for you.

Watch the short video explainer on each page

Comparison websites are simply best buy tables. Each lender can only offer you “their best” product. So, you will never get to see what the other 99% of the market has to offer. If you don’t qualify for their “best buy”, their next best could be far worse than a lender you have not considered.

Think about it: If you wanted advice on the best car for you, you wouldn’t go to a dealer which only sells one type of car. It’s more likely you would listen to someone who knows about every type of car. Including what’s good, what’s bad and can consider all of your requirements, to help find the best car for you.

Mortgages and loans are undeniably very similar. Often, you want to consider them side by side and look at the whole market. You don’t want to be railroaded in to one type of finance to make someone else’s life easier. At Promise Money, we don’t want to pigeonhole you. As a regulated credit and mortgage broker, our lenders represent the whole of the market. We aim to open up as much choice as possible, inform you, and finally help you get the right outcome.

As you follow each step of this guide, make sure to watch every video or read the text to start thinking about what’s right for you. There are a few videos available if you want to learn more about a specific subject. Nonetheless, if you take a wrong turn, just hit the back button.

Before you start

You might want to better understand how you look to a lender. Individual lenders will look at your overall circumstances, but they particularly want to know about your credit history. Basically, most of the time, it’s not just about your credit score.

Many lenders ignore credit scores and look at the details on all of your current and historic credit. This is actually good news, because they make decisions based on the actual data rather than you needing to hit a random credit score number.

For example, did you know there are lenders which will ignore all poor credit, if it happened more than a year ago? Or don’t mind if you have a few missed payments recently? Therefore, you should really have the information lenders will see, it’s also free. So, before you start, you can click the button below to get a free credit search. It shows your entire credit history from three separate credit agencies.

Please Note: This guide is for mortgages, secured loans and unsecured loans. If you are looking for specialist commercial mortgages, bridging loans or development finance, please click the relevant button below.

Promise Money is a broker not a lender. Loans are subject to status – minimum age of 18.

So let’s get going. Click on the button which best describes your requirements:

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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

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.

The %APR rate you will be offered is dependent on your personal circumstances.


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 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. 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.

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