As promised, here is a criteria overview for another of our specialist lenders which has now launched in Scotland. We have used them for some time and find them great for credit repair and tricky cases.
We have a large panel of specialist lenders in Scotland so if you are struggling to place a case please give us a call on 01902 585052.
Here’s an overview of our new addition:
Credit Repair products – Up to 75% LTV – Rates from 4.94%
Bankruptcy Discharged +12 months +
IVA Satisfied or registered +12 months and conducted satisfactorily
Debt Management Plan established more than 12 months and conducted satisfactorily
Unsecured arrears in last 12 months (0 in 3)
CCJ’s and Defaults registered +12 months
Secured arrears +12 months
Near Prime products – Up to 85% LTV – Rates from 2.99%
Fee Free products available:
No application fee and free standard valuation (up to £600)
No completion fees
Fee standard legals on remortgages
£450 cash back on purchases
Loans up to £1m
Up to 4 applicants considered
Variable rates with no ERC’s
2 & 3 year Fixed rates available
Fees can be added above LTV limits
Complex employment and Contractors accepted
Self-employed with one years trading history – share of Net Profit accepted for Co. Directors
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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