New sub prime secured lender accepting poor credit & minimal equity

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New sub prime secured lender accepting poor credit & minimal equity

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 specialist credit brokers. 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.

Understanding Market Rates & Repayment Terms

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.

Key Criteria & Application Guidance

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.

www.promisemoney.co.uk

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Whole-of-Market Guidance for Sub Prime Secured Lender

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

Consequently, reviewing your sub prime secured lender options with an FCA-authorised specialist credit broker ensures whole-of-market access while avoiding unnecessary fees and delays.

Specialist Underwriting & Whole-of-Market Access

Because specialist lending facilities require bespoke underwriting, comparing lenders across the UK is essential. Explore our complete guide to Specialist Lending Desk to understand how different lending criteria apply to your requirements.

Promise Money is an independent credit broker authorised and regulated by the Financial Conduct Authority (FRN 681423). Our experienced team reviews your specific circumstances to secure optimal terms across 90+ UK lenders.

Explore Secured Homeowner Loans →

Key Takeaways: Sub Prime Secured Lender Checklist

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

Furthermore, specialist secured loan lenders assess affordability using total household income and realistic expenditure assessments.

Consequently, homeowners can secure substantial borrowing amounts even with historic credit blips or non-standard employment income.

Therefore, working with Promise Money ensures you compare optimal rates and terms across 90+ UK specialist lenders.

Specifically, flexible repayment options—including fixed, variable, and interest-only structures—can be tailored to your monthly budget.

Moreover, your existing low-rate primary mortgage remains 100% untouched, avoiding early repayment charges.

In addition, loan proceeds can be used for home improvements, debt consolidation, tax bills, or major personal investments.

Crucially, borrowers facing adverse credit, defaults, or past CCJs can secure competitive homeowner loan terms through our panel.

In practice, our dedicated loan advisers manage the entire application from initial quote through to fund release.

Understanding Market Rates & Repayment Terms

Above all, borrowing against your home equity typically offers lower monthly repayments than short-term unsecured credit.

As a result, homeowners retain complete financial control and enjoy clearer, more manageable single monthly commitments.

After all, independent whole-of-market advice ensures you never pay unnecessary broker fees or inflated interest rates.

Meanwhile, loans from £10,000 to £2,500,000 are available over flexible terms ranging from 3 to 30 years.

Indeed, rapid decision turnaround gives you the confidence to plan major financial commitments without unnecessary waiting.

Finally, clear illustrations provide total transparency regarding interest rates, lender fees, and total repayable amounts.

Unlike high street banks, specialist secured lenders take a common-sense approach to complex income and contractor earnings.

Fortunately, consolidating higher-interest credit cards and personal loans into one secured facility can substantially reduce outgoings.

Ultimately, working with an FCA-regulated broker guarantees independent advice tailored strictly to your best financial interests.

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