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Placing unusual cases

Placing unusual cases

To help you spot those quirky second charge opportunities here are a few recent scenarios which might help you.
Maybe jog a memory of a recent case you have dealt with?

Take a look and just give us a call on 01902 585052 if a case comes to mind.

  • BTL second charge behind TMW – they wouldn’t consent to a second charge.
    We placed a £90K loan with a lender which didn’t require consent
  • £300K secured loan to take out an expensive bridge
    Client was paying over 1% per month with no exit via a remortgage due to poor credit history.
  • £100K second raised for business purposes on main residence to support an ongoing development project.
    Business purpose was fine and wife had arrears on her BTL mortgages plus CCJ’s
  • £60K tax bill to be paid urgently to HRMC
    Secured loan arranged to clear outstanding tax and consolidate a further £20K of expensive credit.
  • 2 applicants in work a short time but needed prime rates
    First applicant was a contract worker and had just changed main contractor
    Second applicant was employed but moved to a new sector 6 months ago.

We’re grateful for any enquiries you can send our way – especially as the phones are normally quieter over the holiday period.

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.