Brokers applaud Punjabi and Urdu speaking secured loan team
Following the creation of a Punjabi and Urdu speaking team by Promise Solutions, secured loan introducers have hailed it as an innovative and valuable additional service.
Steve Walker, Managing Director of the Secured Loan Master broker commented “We set this service up to aid Asian borrowers, and their brokers, when arranging a secured loan or exploring other debt solutions. The secured loan process is a specialist and complicated process. This has proven to be a valuable aid to brokers who deal with clients from the Asian community and Punjabi and Urdu speaking borrowers, who are not strong in speaking English. greatly appreciate the extra help and explanations they receive”. Having recognised the significant assistance such a service can offer to certain borrowers, Promise now has four experienced members of the loan and debt solution team who can speak Punjabi and Urdu.
Walker added “The team has on average eight years experience in secured loans. I would love to claim this new service was a strategic move but in reality we found that members of my team often needed to switch into a different language to help clients. It made sense to formalise everything and let our brokers know it was available to their clients. I’m not aware of any other national master brokerage offering this facility which is surprising given that Punjabi and Urdu are in the running for position as the second most spoken language in the UK and have overtaken Welsh as the UK’s second language.
One of the brokers who has witnessed the benefits of this new service first hand is Shaun Wellings, Director of Charles Maddison Partnership Ltd who commented “Promise dealt with a very complicated case and my client spoke very poor English. The team at Promise took over all discussions and explained everything in my client’s language to overcome some difficult obstacles. Without such specialism the case definitely would not have proceeded. It is a very impressive and useful additional service.
2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
£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
£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.
£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.
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