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Secured loans
Secured loans
The team at Promise has over 30 years of experience packaging and arranging secured second charge loans.
Together with our team of underwriters and advisers we offer probably the largest panel of lenders available anywhere in the UK. We don’t cherry pick a small panel of lenders to make our lives easy. We have as many lenders as possible so we do the best job we can for our customers.
If you need full advice or want to talk to an underwriter about the options available, there is someone here with many years of experience to help you.
Complete an online enquiry form and we will get in touch to provide some indicative quotes to consider.
We are very happy to chat to you about your plans and suggest alternative products and ideas so you get the best possible outcome.
Reasons to consider a secured loan
- Declined for a remortgage
- Don’t want to change your current mortgage
- Maybe you are on a great rate
- Maybe you have to pay a penalty
- Can’t borrow as much as you want with a remortgage
- Could be due to affordability
- Could be due to the equity
- Could be due to the type of income
Main selling points for secured loans
- Borrow up to 110% of the residential property value
- Complex income scenarios catered for
- We can lend up to 6 X income (most mortgages cap at 4.5X)
- BTL and owner occupied houses – different terms
- Self employed considered after only 12 months
- Lenders can consider both light and heavy adverse credit history
- Unusual property constructions accepted – including defective
- Loans for business purposes.
- Flexible overdraft type loans – great for property investors
- Some lenders don’t require consent from the first mortgagee
- Clients with payday loans, debt management and IVA’s considered
As well as secured loans don’t forget we have in house experts and both mainstream and specialist lenders for residential / buy to let mortgages, commercial mortgages, bridging and development finance.
Remember.
Your bank may have 100’s of products and plans to offer
Promise Money has over 10,000
There really is no need to look elsewhere.
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.
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
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