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New mortgage lender

New mortgage lender

We have a new and very “nichey” mortgage lender for you.

This is a product you are most likely to use as a temporary solution – maybe credit repair or to bring a property up to mortgageable standards. It is only available as a remortgage on unencumbered properties.

However this product provides options which previously were not available.

Here are the key points:

  • All construction types considered – e.g. used to upgrade a defective concrete construction then remortgage
  • Available in Northern Ireland
  • Current IVA – repay from loan
  • Current DMP – leave or repay from loan
  • Unlimited Pay Day loans current or previous
  • Bankruptcy discharged 3 years
  • Adverse over 12 months ignored
  • Part months arrears ignored
  • Unsecured arrears ignored if 2 or fewer payments down regardless of previous contract
  • Defaults & CCJ’s less than £300 ignored / less than £3k and satisfied ignored
  • Min Val only £60k
  • 18-80 yrs of age
  • No min time in employment
  • No min income
  • Pension or Benefit Income only
  • 3-25 yr terms
  • No min time in employment
  • 12 months Self Employed
  • In house legal’s so no requirement for clients to instruct a solicitor
  • £5k-£250k
  • Up to 60% LTV
  • The rates are from 8.5%p.a. so high – however it’s still probably cheaper than a bridge and no forced exit is required.

Sorry but this is not available on BTL’s. The product is this lenders first step in to first charges and we hope to see it develop in to BTL and purchases in due course.

We’ll let you know when / if this happens.

In the meantime we don’t expect you will inundate us with enquiries but please keep this at the back of your mind and contact us with any tricky cases on 01902 585052.

www.promisemoney.co.uk

01902 585052

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    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 secured on your home
    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 £317807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
    LOANS SECURED ON YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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    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 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk