New BTL loans with low costs, low ERC’s & low affordability thresholds
New BTL loans with low costs
The interest rate is 9.95% which is generally 1% lower than any other current products.
The product can be self funding provided the rent is more than 110% of the first and proposed second charge repayments. There is no requirement for borrowers to have £25000 additional income.
Loans are available up to £75000 at 65% LTV and aimed at borrowers with a clean recent credit profile.
Further details are as follows:
- Satisfied or unsatisfied DF’s and CCJ’s over 2 years old and below £5,000 ignored
- No secured arrears in last 3 years
- Max credit card arrears 1 month provided up to date now
- England, Scotland & Wales only
- Minimum term 3 years, maximum term 25 years
- Must be let on a single AST. Copy of the latest in date Assured Shorthold Tenancy (AST) required in every case
- Residential investment properties only – No DSS, HMO
- Capital & Interest only
- Loans for any purpose except to fund the purchase of additional properties
- Available to both employed and self employed applicants
- Minimum age 21 at completion. Maximum age 80 at the end of the loan term
- The maximum number of residential investment properties in a borrowers portfolio is 3
- ERC – 3% first 5 years and 1% thereafter
Please call the team on 01902 585052 to discuss any new cases
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