We don’t want you to forget us – or those little second charge niches which can sometimes be so useful. So we thought you’d appreciate a reminder of what other brokers are finding particularly helpful at the moment. See below:
Self employed Need to work on projected accounts? – rates from 3.69%
Contractors Recently gone contracting – previously employed in a similar role – don’t need accounts.
Debt consolidation Large loans – 100% debt consolidation no problem. You can just refer – we do everything (A.R.s as per your networks process).
High LTV 100% LTV – clean cases – 12% 100% LTV with adverse – 14% to 16%
4 current mortgage arrears allowed, max 3 missed in last 12, last two payments made.
Max 3 months unsecured arrears in the last 12 – communications, mail order and utilities are ignored
No CCJ’s or defaults in last 6 months. 6 to 24 months max 3 units with max combined value of £5000
Bankruptcy, IVA and Debt Management plans on referral
90% available from 11% 80% from 5.8% 75% from 4.95%
Heavy adverse 75% LTV Unlimited arrears and CCJ’s accepted. Last two mortgage payments missed Security can be residential or BTL Arrears on other properties owned are accepted Loans up to £150,000
It’s a little quieter at the moment due to the half term lull so please try us with any capital raising cases you are struggle to place by calling 01902 585052.
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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