Over recent weeks a number of high LTV secured loans have come to the market – the latest (today) is 95% LTV from Shawbrook. With property prices static these new loans are very welcome and provide improved solutions for people wanting to consolidate expensive credit or carry out improvements to their home.
I thought a reminder of the high LTV options might be helpful.
Shawbrook – 95% LTV – Rate 21.9% – max loan £20,000 – 6 X income multiple
Nemo – 90% LTV – Rate 14.004% – Max loan £60,000 – 6 X income multiple
Lesley Stephens – 95% LTV – (up to £100% on referral) Rate 29.9% and maximum loan £15,000 (£20,000 on referral)
Specialist lender – 85% (80% with 1 adverse unit) – Rates from 14.9%, loans above £50,000 on referral – income based on affordability ( no multiples)
Evolution and 1st Stop – up to 125% LTV (any beyond) – Mild adverse considered – Rates from circa 30% – max loan £10,000 – will take third charge
Don’t forget unsecured – up to £25,000 – Rate from 8.8% – clean clients only – homeowners or tenants
As ever call the team on 01902 585052 or visit the website for more information or to source a loan.
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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