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Lower rates and new lender in Scotland

Lower rates and new lender in Scotland

Recent lender changes are good news for brokers – particularly those working in Scotland.

Step One has entered the second charge market in Scotland and refreshed it’s criteria.

This lender is already well established in England and Wales and has a reputation for taking a common sense view on unusual cases which others won’t consider.

Areas where Step One secured loans are strong:

  • BTL’s where tenanted by Family members
  • HMO’s on referral
  • Private Leasehold flats up to 95% LTV
  • Simultaneous completions on purchases or remortgages
  • Will take out Bridging Finance
  • Will clear Debt Management Plans & IVAs up to 85% LTV
  • DMP can stay in place
  • Transfer of Equity/Matrimonial Rights accepted
  • Larger loans up to 95% LTV
  • Larger loans at 85% LTV on BTL’s
  • Will look at age over 80 on referral
  • 3 year fixed rates at no additional costs
  • No ERC’s
  • No credit score
  • Any income multiples – affordability check instead
  • Solar Panel Leases Accepted.
  • Will take a view on most cases outside criteria especially Loan Size, Satisfied CCJ’s

Blemain has reduced rates further with a starting rate of 7.06%.

LTV’s have also been increased on BTL second charges to 75% – the range of LTV’s, rates and options has exploded lately – especially for the quirky cases.

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.


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.