New sub prime secured lender accepting poor credit & minimal equity
New sub prime secured lender
Promise has added a new lender to its panel which increases the number of secured lenders on the Promise sourcing platform to 19.
This is double the number of lenders offered by most loan sourcing portals and certainly more than any other secured loans packager. The new lender, TFS Secured Loans, provides loans to adverse borrowers with recent credit problems, especially those who need finance without resorting to Payday lenders. Loans are available even when the first mortgagee won’t consent to a second charge and there is no automatic requirement to pay off outstanding mortgage arrears from the proceeds of the loan if the borrower has an arrangement to pay. Provided there are no mortgage arrears, defaults or CCJ’s registered in the 6 months TFS will lend £20,000 up to 75% LTV and up to 65% LTV if the adverse credit is more recent.
Second charges are also available on BTL’s and flats above commercial property plus, unusually, behind virtually any first mortgagee including subprime lenders which others avoid. All loans are available in England, Scotland and Wales. As well as an alternative to Payday loans, these secured loans can also be used for debt consolidation, home improvements or as short term finance to overcome a particular problem.
Whilst the new TFS product is not as mainstream as the likes of Shawbrook and Nemo, we know that 1000’s of borrowers are being drawn towards Payday lenders through lack of choice and knowledge of what is available. By considering and promoting the specialist lenders such as TFS, Equifinance, Evolution, 1st Stop and others we believe brokers can attract and better serve prospective borrowers now, whilst building up their client bank for the future.
We have been calling brokers lately to gauge their view of the secured market and many still ignore secured loans as an income stream and means of attracting more remortgage customers. Some still throw away expensive leads if they don’t convert to a remortgages. I think today’s secured loan customer is tomorrows remortgage so make hay whilst the sun shines.
If you want to get more from loans but are simply to busy to give it any focus, please speak to the team about how we can generate loan income for you without breaking a sweat.
01902 585052
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
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.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk