Have you spoken to your Broker Sales Manager recently? (BSM). I want to make sure you have everything you need to feel confident about dealing with MCD second charges.
If you are still trying to get a handle on the best way to deal with MCD second charges, don’t worry you’re not alone. Many brokers who have been registered with Promise for years, and have not really been involved in seconds, are now calling for advice from their BSM.
If you are now confident and up to speed on second charges and the options available, that’s great.
However, if you have questions or just need confirmation you are on the right track, give your BSM a call on 01902 267444.
Promise was the first to offer bespoke loan sourcing systems back in 2006 and has been offering both a packaging and referral service for years – we are well ahead of the game.
We have the largest second charge panel in the market and 30 years experience so you are in good hands.
You can source from a panel of 20 lenders, get DIP forms plus much more by visiting the website.
We know that MCD second charges are new to most brokers but our team are here to help – please lean on them.
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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