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
Up to 80% LTV
Limited Co / LLP – Trading or SPV
Ex Pats investing in the UK
Older and retired applicants
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.
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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