We are now up to 16 secured lenders – That’s double what you get on other sourcing systems
I am pleased to announce that Masthaven secured loans are now available through Promise Solutions and can be sourced and quoted on our platform. This takes our lender panel to 16 lenders which is significantly more than any other master broker and double the number of lenders offered on other loan sourcing systems.
If you want the best chance of placing a secured loan, it really has to be Promise.
We have a relationship with Masthaven through our involvement in bridging loans and we find the service to be excellent. If the secured loan team mirrors this we will have a great start.
Residential Loan amounts up to £100,000 LTV’s up to 75% Term 3 – 25 yrs Loans available for most purposes including business Available for both employed and self employed Transfers of equity accepted
Buy to Let Loans up to £50,000 Genuine interest only option available LTV up to 65% LTV Term from 3 – 25 Years Minimum property value £125,000 Low ERC’s
At first glance there are some key niches in the criteria as follows:
Self employed – will use bank statements but no restriction on income (LTI) multiplier
Contract workers – easier to prove acceptable income
Lower value properties and ex council houses at higher LTV’s than similar lenders
Interest only now available from £5K (previously £25K)
More flexibility on non standard constructions
They will lend on BTL’s – lower ERC’s and again better LTV’s on ex-council houses
All council pre-emption discount ignored
No doubt more will become apparent in due course.
There is one obvious down side at the moment; the product is only available in England and Wales.
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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