A new loan for borrowers in Scotland
A new loan in Scotland
Masthaven Secured Loans have extended their lending into Scotland today.
This lender offers a good service and takes a sensible view on applications a little outside criteria.
There are some useful niches (also available in England and Wales) as follows:
Residential 2nd Charges
Loan amounts up to £100,000
LTV’s up to 75%
Term 3 – 25 yrs
Loans available for most purposes including business
Available for both employed and self employed
Transfers of equity/marital buyouts accepted.
Buy to Let 2nd Charges
Loans up to £50,000
Genuine interest only option available
LTV up to 65% LTV
Term from 3 – 25 Years
Minimum property value £125,000
Lower ERC’s than Blemain
At first glance there are some key niches in the criteria as follows:
Self employed – will use bank statements but no restriction on income (LTI) multiplier
Contract workers – easier to prove acceptable income
Lower value properties and ex council houses at higher LTV’s than similar lenders
Interest only now available from £5K (previously £25K)
More flexibility on non standard constructions
They will lend on BTL’s – lower ERC’s and again better LTV’s on ex-council houses
All council pre-emption discount ignored
You can source Masthaven loans or our other 17 lenders now at www.promisesolutions.co.uk
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