New mortgage lender

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New mortgage lender

We have a new and very “nichey” mortgage lender for you.

This is a product you are most likely to use as a temporary solution – maybe credit repair or to bring a property up to mortgageable standards. It is only available as a remortgage on unencumbered properties.

However this product provides options which previously were not available.

Here are the key points:

Key Criteria & Application Guidance

All construction types considered – e.g. used to upgrade a defective concrete construction then remortgage
Available in Northern Ireland
Current IVA – repay from loan
Current DMP – leave or repay from loan
Unlimited Pay Day loans current or previous
Bankruptcy discharged 3 years
Adverse over 12 months ignored
Part months arrears ignored
Unsecured arrears ignored if 2 or fewer payments down regardless of previous contract
Defaults & CCJ’s less than £300 ignored / less than £3k and satisfied ignored
Min Val only £60k
18-80 yrs of age
No min time in employment
No min income
Pension or Benefit Income only
3-25 yr terms
No min time in employment
12 months Self Employed
In house legal’s so no requirement for clients to instruct a solicitor
£5k-£250k
Up to 60% LTV
The rates are from 8.5%p.a. so high – however it’s still probably cheaper than a bridge and no forced exit is required.

Sorry but this is not available on BTL’s. The product is this lenders first step in to first charges and we hope to see it develop in to BTL and purchases in due course.

We’ll let you know when / if this happens.

www.promisemoney.co.uk

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Whole-of-Market Guidance for Specialist Mortgages

Securing competitive terms on specialist mortgages requires expert underwriting knowledge. In addition, our specialist broker team works directly with over 90 specialist lenders across the UK.

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Key Takeaways: Specialist Mortgages Summary

Additionally, property valuations can often be expedited, significantly reducing upfront costs and surveyor delays.

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