Your flexible friend
Your flexible friend
If you are looking for flexible lending, then please talk to us about our range of second charges.
With more lenders than our competitors and our manual underwriting, we aim to provide you, and your clients, with better rates, more acceptances and where possible surpass anything available on any sourcing system.
Here are a few second charge examples where the rates could be far lower than you expect:
- Applicants had 2 CCJ’s in early 2017 – £1750 and £3000. They managed to pay off the CCJ’s recently and we negotiated a rate of 3.9%
- A couple had 5 months mortgage arrears last year but have paid regularly since then and brought them up to date a few months ago. They qualified for a rate of 3.9%. Had their credit score been higher it could have been 3.73%
- Borrowers were in an existing IVA and wanted to pay off the IVA and repair their credit.
Historically lenders were offering around 10%. We placed this on referral at 5.99%.
Don’t Forget
If you can’t place a capital raising remortgage, please call us – We hope you will be pleasantly surprised.
If the remortgage rate you can get is high – let us see if a second plus the existing mortgage is cheaper.
Many of our lenders don’t have LTI caps – so based on affordability we are placing many cases declined by other packagers.
Please call or email us with any queries you may have.
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