Complex mortgages – a common sense lender
Complex mortgages
I want to let you know about an exciting new First Mortgage lender recently added to our panel.
A lender with decent criteria but which applies heaps of common sense too.
Apply this test
If you feel the case makes good sense – the positives outweigh the problems – then give me a call.
Obviously be mindful of the regulatory landscape (no self cert’s etc.) but a strong case never goes ignored – see below:
Day 1 self-employed projected income considered with relevant experience
The applicant was employed and managing a wine bar and an opportunity came to purchase the business.
He took the opportunity to buy the wine bar and at the same time decided he wanted to move closer to his business.
The case was accepted on a self employed basis based on projected income because of the borrowers strong previous experience and taking over a successful business.
Contract worker with less than 3 months left on a contract considered
This applicant was working on a short term 3 month contract with 2 months left to run and no automatic renewal. He was in a profession where there is good demand for his skills and the lender was therefore comfortable to recommend the application for funding.
Other useful considerations
- Adverse rates from 2.39%
- Consider 1 years accounts for Self Employed in a new field of business
- Dependent relative mortgages
- Mortgages for people working abroad
- Zero hours contracts accepted
Every deal has a story.
If you have a first mortgage case to place which makes sense, call me and I’ll try this lender for you.
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