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No equity & high LTV secured loans with bad adverse credit & arrears

No equity & high LTV secured loans

A broker mentioned to me yesterday that he had forgotten about our 125% LTV (adverse accepted) secured loans.

I thought it might be useful to give you a brief summary of some of our niche products.

As you will probably know, we have a range of mainstream lenders which lend up to 85% LTV and offer rates from 6.9%. These additional products are more expensive but might occasionally fulfil a need for Homeowners with adverse and little or no equity. Third charges are also available.

Evolution Loans
Niche’s Will take third charge
Will lend in N’ Ireland (plus England and Wales)
Will lend to 125% LTV
Will take adverse credit
Will take Part time applicants – 16 hours/ week minimum
Advance
 £1000 – £10000
Mortgage arrears None in the last 3/6 months
Secured Arrears Max 3 months
CCJ’s /Defaults No defaults in last 3/6 months
Term 12 – 84 months
Rate 2.5% to 4% per month
Lender Fee 10% to 15%
Comments Rates, terms and loan amounts vary dependent on client profile

First Stop Loans
Niche’s Will take third charge< Will lend in Scotland (plus England and Wales) Will lend to 125% LTV Will take adverse credit Will take Part time applicants -16 hours/ week minimum Advance 
£1500 – £7500
Mortgage arrears 1 in the last 4 months – max £2000
Secured Arrears 1 in the last 4 months – max £2000
CCJ’s /Defaults No defaults in last 4 months
Term 24 – 60 months
Rate 3.5% to 5% per month
Lender Fee 30%
Comments Rates, terms and loan amounts vary dependent on client profile

Brokerbrain – Unsecured Hybrid Loan
Niche’s Unsecured Homeowner loan – no charge – no equity needed< Up to £25K – with adverse – rates from 9.4%< Any legal loan purpose considered – including purchase/ remortgage deposit Self-employed accepted – 3mths bank statements (average income over the 3mths) IVAs or Debt Management considered on the basis they are settled from funds Must have a frozen pension fund (not contributing) valued at £20K plus Can borrow approximately 35% of pension value Advance 
£5000 – £25000
Mortgage arrears No current mortgage arrears and none in last 6 months
CCJ’s Max 5 CCJs none incurred in last 3 months (satisfied ignored, max total value £3,000)
Defaults Max 2 defaults none incurred in last 3 months (max total value £3,000)
Unsecured arrears Max of 1 missed payment in last 3 months (per credit item)
Term 5 to 25 years
Rate 9.4% to 12.5% APR
Lender Fee 10%
Comments Homeowners only (must be joint application if married/partner/joint homeowner)
Income – minimum £1,200 single application (£1,600 joint)
England and Wales only
No Bankrupts

Brokerbrain – Unsecured PDQ Loan
Niche’s Unsecured Homeowner loan – no charge – no pension needed
£3000 to £5K – with adverse credit
Any legal loan purpose considered
Self-employed accepted – 3mths bank statements (average income over the 3mths)
IVAs or Debt Management considered on the basis they are settled from funds
Advance 
£3000 – £5000
Mortgage arrears No current mortgage arrears and none in last 6 months
CCJ’s Max 5 CCJs none incurred in last 3 months (satisfied ignored, max total value £3,000)
Defaults Max 2 defaults none incurred in last 3 months (max total value £3,000)
Unsecured arrears Max of 1 missed payment in last 3 months (per credit item)
Term 3 to 10 years
Rate 20% per annum
Lender Fee 10%
Comments Homeowners only (must be joint application if married/partner/joint homeowner)
Income – minimum £1,200 single application (£1,600 joint)
England and Wales only
No Bankrupts

These loans are all available for sourcing and quoting on Promise Quote

Loans Secured on Personal Assets
If your clients need short term finance they can borrow against personal assets such as jewellery, watches, cars, etc
Niche’s No income checks
No credit checks< Can complete in a few days Homeowners or tenants< Advance 
£1000 – £1,000,000
LTV 70% – Jewellery and watches, 50% – Fine art, Antiques, Prestige Cars and Yachts
Mortgage arrears Any
CCJ’s Any
Defaults Any
Unsecured arrears Any
Term 1 month to 12 months
Rate 2.49% to 3.99% per month
Lender Fee 2.5%
Exit Fee None
Comments Homeowners only (must be joint application if married/partner/joint homeowner)
Income – minimum £1,200 single application (£1,600 joint )
England and Wales only
No Bankrupts

With all lenders above, after applying, the lender will liaise direct with your clients until completion.
You can source, quote and apply for these products through Promise Quote. Asset loans have a separate page and application form on our website.

www.promisemoney.co.uk

01902 585052

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£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

Representative example

£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.

Unsecured Loans

Representative example

£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.