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Bridging products brokers forget

Bridging products brokers forget

We want to remind you about a couple of special bridging products.

We have plenty of lenders offering great bridging rates from 0.43% but chasing the lowest rate can be counter productive.
The solicitors squabble or there are issues around the valuation often causing big delays.
The broker then has to deal with an unhappy client.

We will consider the whole market but if speed is important or equity is tight – consider these products.

Expedite bridging – payout within 2 days of enquiry achieved – second charges within a week.

  • Quote same day – onsite visit next day – completion same / next day.
  • Director visit to property for sign up – valuation avoided where possible – saves time and cost
  • Standard legal’s done in house – external solicitors not normally required
  • Lender will complete on second charges without consent from the first mortgagee.
  • Loans from £15,000 to £250,000

High LTV Bridging– up to 80% – when equity is suspect or other options have failed.

  • First and second charge bridging – both up to 80%
  • Arrears – 1 month arrears accepted in last 12 (none in last 3).
  • CCJ’s and Default’s – will accept unsatisfied if under £5,000 and satisfied under £15,000. None in last 6 months but all ignored over 24 months.
  • Light refurbishment allowed – kitchen / bathroom / loft conversion / extension
  • Option to convert to 36 months on repayment basis after first 12 months – non reg only
  • Bridge to bridge accepted
  • Up to 80% LTV at 1.1% – same rates for second charge.

Often speed and surety is more important than rate when bridging and we can cover all bases. Tells us what’s most important.
To speak to one of the bridging team please call 01902 585052.

www.promisemoney.co.uk

01902 585052


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    Notes...


    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 secured on land
    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 £317807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
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    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 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk