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New lender launched in Scotland

New lender launched in Scotland

Sorry if this blog is hard on the heels of our new Help to Buy lender yesterday.

However a new complex first charge mortgage lender has just launched in Scotland which we thought you may find useful.

New Scotland lender – Key 1st charge criteria includes:

  • RTB – 100% of DPP (75% of OMV)
  • High Rise considered
  • Up to 3 CCJs / DF’s in last 6 months
  • Up to 3 missed payments in last 6 months
  • DMP’s accepted current or satisfied
  • Rates from 3.44%
  • 1 years accounts or SA302’s on all products
  • Contractors accepted with 6 months or rolling 3 month contract
  • Age up to 85 at end of term
  • 100% pension income
  • Current income used if more than 10 years from retirement
  • Income from 2nd jobs accepted

Also BTL:

  • Up to 80% LTV
  • Limited Co / LLP – Trading or SPV
  • Ex Pats investing in the UK
  • Older and retired applicants
  • (HMOs)
  • 125% Rental covering

Another lender next week

Another first charge lender also launched in Scotland yesterday.
They are keeping a low profile but we should be able to update you next week.
They are specialists in credit repair amongst other things and are keeping a low profile for a few days.
We’ll post a blog next week with more information when we have it.

In the meantime, if you have a case you are struggling to place please give me a call.
On capital raising cases please give us a try on second charges too – no one has a larger panel.

www.promisemoney.co.uk

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.