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Secured Loan Update: Blemain take another 0.5% off rates

Secured Loan Update

Blemain have today reduced their loan rates by up to 0.5%, meaning rates now start at 7.16% for loans up to £50,000 and 7.59% for loans between £50,001 and £135,000. In March 2014 their best was 9.45%.

The rate reduction follows an earlier drop of up to 1% across its prime plans last month.

These rates may not sound overly impressive if you are used to our leading secured loan rates of 4.85%. However, remember that on these plans Blemain ignore all adverse over 12 months old, accept small recent or satisfied CCJ’s and defaults as well as non standard / low value properties, self employed projected income and other quirky income scenarios – to name a few.

Even on the higher rates Blemain is one of the most selected lenders so I know there is plenty more business to be written on these lower priced plans.

You can now recycle your recent enquiries to see if your clients can now qualify for lower Blemain rates.

Please speak to your underwriter regarding any new or pipeline cases on 01902 585052.

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.