New lender launched in Scotland
New lender launched in Scotland
Sorry if this blog is hard on the heels of our new Help to Buy lender yesterday.
However a new complex first charge mortgage lender has just launched in Scotland which we thought you may find useful.
New Scotland lender – Key 1st charge criteria includes:
- RTB – 100% of DPP (75% of OMV)
- High Rise considered
- Up to 3 CCJs / DF’s in last 6 months
- Up to 3 missed payments in last 6 months
- DMP’s accepted current or satisfied
- Rates from 3.44%
- 1 years accounts or SA302’s on all products
- Contractors accepted with 6 months or rolling 3 month contract
- Age up to 85 at end of term
- 100% pension income
- Current income used if more than 10 years from retirement
- Income from 2nd jobs accepted
Also BTL:
- Up to 80% LTV
- Limited Co / LLP – Trading or SPV
- Ex Pats investing in the UK
- Older and retired applicants
- (HMOs)
- 125% Rental covering
Another lender next week
Another first charge lender also launched in Scotland yesterday.
They are keeping a low profile but we should be able to update you next week.
They are specialists in credit repair amongst other things and are keeping a low profile for a few days.
We’ll post a blog next week with more information when we have it.
In the meantime, if you have a case you are struggling to place please give me a call.
On capital raising cases please give us a try on second charges too – no one has a larger panel.
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