New low rates – flats above commercial, BTL, prime or adverse
New low rates
Take a look at this new range of products which combines to give you some really great options.
We’ll try to give some examples but please call us if you have a case which ticks any of these boxes.
Firstly mortgages above commercial property (take aways etc) are available – Residential or Buy to Let.
Secondly rates are available from 2.79% for clean cases – unsecured arrears over 6 months still considered.
Thirdly the range of plans caters for light adverse at 3.14% to heavier adverse at 5.19%
Here is a little more detail:
Flats above commercial:
- Residential or BTL
- Max LTV 75%
- Retail Units
- Pubs
- Laundrettes
- Restaurants (up to 60% LTV)
- Takeaways (up to 60% LTV)
Residential
- 90% LTV for First Time Buyers
- 100% of Discounted Purchase Price for Right to Buyers
- Increased maximum mortgage term of 40 years
- Maximum loan amount of £1.5 million
- Fixed rates available to aid affordability
- Fee saver and valuation refund options available
- Interest Only available
Buy to Let
- Increased maximum loan amount of £4 million on portfolios of up to 15 properties
- New maximum loan amount per property of £1.5 million
Prime plans
- Unsecured arrears considered over 6 month – no credit score
- Residential – 2.79% (up to 70% LTV)
- BTL – 2.89% (up to 70% LTV)
- No CCJs or Defaults in last 36 Months
- No unsatisfied CCJs
- Mortgage/Secured Loans – 0 missed in last 36 months (status 0 in last 36 months)
- Unsecured credit/loans – 0 missed in last 6 months (Current status 0)
- Debt Management Plans considered providing satisfactorily conducted
- Bankruptcy/IVA/DRO Discharged over 6 years
- Debt Consolidation Available up to 70% LTV excluding fees. Above 70% LTV, debt consolidation is limited to 50% of the capital raising amount
There are plans to cater for various adverse scenarios ranging from 3.14% to 5.09%. The heaviest adverse is as below:
Max adverse accepted
- 4 CCJ’s or defaults in the last 24 months (if any in last 6 months max value £500)
- 3 months mortgages arrears in the last 24 months (none in the last 6 months)
If you have a case, please give us a call on 01902 585052.
01902 585052
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
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.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk