Large amounts Secured loans
Large amounts Secured loans
Not only have we just completed Nemo’s largest ever loan, but we have had numerous completions with Shawbrook over £100,000 and this month also paid out a £250,000 loan with Blemain.
The industry has been waiting for more lenders to offer improved terms on larger loans and both Nemo and Shawbrook have made a huge difference with their recent criteria enhancements. This particular Nemo case was from high quality applicants but could not be placed previously. We liaised with the broker regularly as new products were announced and the new Nemo product provided a perfect solution allowing the borrowers to consolidate an existing secured loan of £90,000 plus £100,000 worth of unsecured debt and reduce their monthly outgoings by £1280 per month.
With the emergence of the lower rates and larger loan amounts from Nemo and Shawbrook, many more brokers are now looking at secured loans as a competitive alternative to a remortgage especially as both lenders will lend up to 6 X income multiples. Blemain, of course, will lend to even higher multiples.
If you are considering a remortgage, have a word with the team at Promise about the alternatives via a secured loan. Compared to a remortgage you may be pleasantly surprised by the overall costs and the commissions.
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