Precise add new five year fixed secured loan product
New five year fixed secured loan
This morning Precise Mortgages has enhanced its secured loans offering with the addition of a 5 year fixed rate deal and enhancements to the “large loan” products.
Secured loans are now commonly used for larger advances, particularly where borrowers can’t, or don’t want to change their beneficial tracker, fixed or interest only mortgage. To support this growing appetite from brokers, on second charge loans from £150,000 to £500,000, Precise Mortgages has reduced the lender fees to £495. Loans up to £2 million will be considered so contacting your clients who are trapped in their existing mortgage should be a worthwhile exercise.
In addition to the tracker, two year and three year fixed rates available, Precise Mortgages has also introduced a secured loan five year fixed deal. The five year fix starts at 6.7% which is 1.75% above the tracker rate. For comparison purposes the tracker starts at 4.95%, two year fixed at 5.7% and the three year fixed starts at 5.95%. For the cautious borrower the three and five year fixed deals look pretty attractive.
Don’t forget to let your “mortgage prisoner clients” know they can keep their mortgage and raise capital another way.
For more details, call your underwriter on 01902 585052 or check out the great tools on our website www.promisesolutions.co.uk.
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