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Something to remember when you need bridging finance
Something to remember
Here’s something to remember next time you encounter a need for bridging finance.
Headline bridging rates can deceive as they are only available to low LTV borrowers.
Typically they offer starting rates around 0.6% but above 65% the rates can quickly rise to well over 1% per month.
This latest loan is the lowest rate on the market for most borrowers.
It starts at 0.65% but is capped at 0.75% right up to 75% LTV.
It’s only available through very limited distribution so give Promise a call with your next enquiry.
Here are the headlines:
- It’s the lowest rate in the market at 75% LTV – by a country mile
- Starting rates of 0.65%
- Arrears and CCJ’s considered – all ignored if over 12 months old
- No Income Proof required
- England, Scotland & Wales
- No ERC’s
- It’s for regulated residential 1st charge loans
- Flats up 6th Floor, Ex-Council and lower value properties
Please call your BSM on 01902 267444 or get a DIP form here.
we are currently handling cases from £20K up to £30 million so feel free to chat to us for some advice.
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.