Nemo make further secured loan rate reductions
Nemo make further secured loan rate reductions
Last night we were informed of further rate reductions to our Prime range of secured loans.
The Prime Loan market is booming – have you tapped into it yet?
Loan rates are at their lowest ever and there is strong demand from consumers for capital raising without changing their existing mortgage.
Nemo is already one of the leading prime lenders and doesn’t charge any lender fees so these latest changes make Nemo even more competitive.
The low ERC’s and zero lender fees make Nemo particularly attractive for clients wanting a long repayment period with an option to exit fairly quickly.
Latest rate changes
65% LTV – rates dropped by 0.192% to 4.920%
70% LTV – rates dropped by 0.384% to 5.304%
80% LTV – rates dropped by 0.564% to 8.124%
85% LTV – rates dropped by 0.648% to 9.324%
Fixed rates
All fixed rates have dropped by 0.2% and now start at 5.592%.
These changes are in the process of being updated in Loan Brain but quotes can be provided immediately if required.
Please speak to your underwriter to discuss a new enquiry on 01902 585052.
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.
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.