New products from secured loan lenders – large loans at low rates
New products from secured loan lenders
These homeowner loans are now live on the Promise sourcing portal – alongside the other 17 secured lenders. There are useful niches within the new criteria from Prestige including mild adverse at higher LTVs, a low rate starting at 6.75% and an affordability calculation which will benefit some borrowers. Loans are also available up to £75,000 at 75% LTV with a current mortgage arrear at 10.9%. Previously this may have been a reduced offer with Blemain.
By way of background, Prestige previously operated in the adverse sector. Since becoming part of the Onesavings Bank PLC group, the products have become much more mainstream and will offer alternatives to Shawbrook, Masthaven, Blemain to name a few. I also expect Prestige to pick up cases which fail the Nemo score, especially with a competitive rate at lower LTV’s.
Our relationship with Prestige goes back many years and the service when processing cases has always been very good. As the team is unchanged I expect this to continue for the foreseeable future.
There is a bit of a bun fight developing in the 60% LTV to 75% LTV market which is good news for borrowers and brokers.
However, don’t forget the products available at higher LTV’s including unsecured loans up to £25,000 at 8.8% APR.
As ever, feel free to call the loan specialists to discuss a new enquiry on 01902 585052.
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