CPD – 100% LTV second charge lending
CPD – 100% LTV second charge lending
There has been an update on our high LTV second charge plans.
The criteria will probably amaze you and may be of benefit to one of your clients at some point – if not why not keep our blog posts to boost your CPD file.
Key points:
- 100% LTV at 12.0% – max loan £35,000
- 100% LTV with adverse – 14% to 16% – 4 current mortgages arrears allowed, max 3 missed in last 12, last two payments made.
- Max 3 months unsecured arrears in the last 12 – communications, mail order and utilities are ignored
- No CCJ’s or defaults in last 6 months. 6 to 24 months max 3 units with max combined value of £5000
- Bankruptcy, IVA and Debt Management plans on referral
- 90% available from 11%
- Ex local authority accepted – flats & maisonettes max 5 storeys in the block
- England and Wales only
These products won’t suit all but if the alternative is a high rate unsecured loan (rate 50% to 1000%) then 12% looks fairly attractive.
Please give us a call on 01902 585052 if you wish to discuss any new enquiries.
Remember – no other packager gives you more second charge products
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