New products from secured loan lender – large loans at low rates
New products from secured loan lender
These homeowner loans are now live on the Promise sourcing portal – alongside the other 17 secured lenders. There are useful niches within the new criteria from Prestige including mild adverse at higher LTVs, a low rate starting at 6.75% and an affordability calculation which will benefit some borrowers. Loans are also available up to £75,000 at 75% LTV with a current mortgage arrear at 10.9%. Previously this may have been a reduced offer with Blemain.
By way of background, Prestige previously operated in the adverse sector. Since becoming part of the Onesavings Bank PLC group, the products have become much more mainstream and will offer alternatives to Shawbrook, Masthaven, Blemain to name a few. I also expect Prestige to pick up cases which fail the Nemo score, especially with a competitive rate at lower LTV’s.
Our relationship with Prestige goes back many years and the service when processing cases has always been very good. As the team is unchanged I expect this to continue for the foreseeable future.
There is a bit of a bun fight developing in the 60% LTV to 75% LTV market which is good news for borrowers and brokers.
However, don’t forget the products available at higher LTV’s including unsecured loans up to £25,000 at 8.8% APR.
As ever, feel free to call the loan specialists to discuss a new enquiry 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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