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:
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
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.
In the meantime we don’t expect you will inundate us with enquiries but please keep this at the back of your mind and contact us with any tricky cases on 01902 585052.
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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