Adverse Credit Mortgages – Owner Occupied/Purchase/Remortgage etc.
Adverse Credit Mortgages
We have some new products available through our complex mortgage team which may interest you. Every case is bespoke and the details below are a guide rather than rules.
This is good old fashioned lending where the lender needs to get into the guts of the application rather than relying on ticking boxes and a credit score. If you have a mortgage you can’t place, please speak to our complex mortgage team. They can deal with the whole case for you, free up your time, and still pay average commissions of £1000.
- Unlimited CCJ’s & defaults up to £10k
- LTV 60% for IVA / DMP / BRO subject to being satisfied or settled with the proceeds of the loan
- Mortgage arrears over 12 months ago may be disregarded
- LTV 70% – 80% for minor adverse (up to £500 CCJ’s & defaults in last 12 months)
- Min Loan amount £50,000
- Max Loan amount £500,000
- Type: Capital & Interest
- Max term: 30yrs can go up to 35yrs (by exception)
- Max Age at end of Term: 70yrs
- No ERC’s
- Fees can be added
- Condition of all mortgages – all adverse must be settled with the advance
- Rates: 5.24% to 8.24%
- Income multiples: 4 times single, 3 times joint
- If a client is a professional landlord can use profit from rental income but will need accountants reference or certificate
- 100% benefits considered
There are also products available for BTL’s. Details to follow shortly. I hope you find these products helpful.
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