Just a quick update on a new lender to offer high LTV secured loans – Optimum – 95% LTV.
You are likely to find this suitable where you want to protect your client’s low mortgage rate. Capital raising with a second charge at a higher LTV rate will probably be cheaper than remortgaging the whole amount.
High LTV options include:
Optimum – 95% LTV. Launched today
Max loan £100,000
Minimum valuation £85,000
Rates circa 8% to 10% – subject to score.
Generally aimed at good credit borrowers
Equifinance – 100% LTV
Max loan £35,000
Rates from 11%
Some missed payments accepted on unsecured credit
CCJ’s, defaults and arrears over 12 months considered
No credit score
Ideal for unsecured loan turn downs
Higher levels of adverse credit or quirky scenarios?
We have other lenders operating in the high LTV arena so just give us a call on 01902 585052 to chat about a potential case.
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.
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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