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New secured loan accepts buy to let

New secured loan accepts buy to let

We are now up to 16 secured lenders – That’s double what you get on other sourcing systems

I am pleased to announce that Masthaven secured loans are now available through Promise Solutions and can be sourced and quoted on our platform. This takes our lender panel to 16 lenders which is significantly more than any other master broker and double the number of lenders offered on other loan sourcing systems.

If you want the best chance of placing a secured loan, it really has to be Promise.

We have a relationship with Masthaven through our involvement in bridging loans and we find the service to be excellent. If the secured loan team mirrors this we will have a great start.

Key information:

Residential
Loan amounts up to £100,000
LTV’s up to 75%
Term 3 – 25 yrs
Loans available for most purposes
including business
Available for both employed and self employed
Transfers of equity accepted		Buy to Let
Loans up to £50,000
Genuine interest only option available
LTV up to 65% LTV
Term from 3 – 25 Years
Minimum property value £125,000
Low ERC’s

At first glance there are some key niches in the criteria as follows:

  • Self employed – will use bank statements but no restriction on income (LTI) multiplier
  • Contract workers – easier to prove acceptable income
  • Lower value properties and ex council houses at higher LTV’s than similar lenders
  • Interest only now available from £5K (previously £25K)
  • More flexibility on non standard constructions
  • They will lend on BTL’s – lower ERC’s and again better LTV’s on ex-council houses
  • All council pre-emption discount ignored

No doubt more will become apparent in due course.

There is one obvious down side at the moment; the product is only available in England and Wales.

You can source a secured loan now from all 16 lenders, or send us a DIP form at www.promisesolutions.co.uk

Alternatively call the team on 01902 585052 to discuss an application.

www.promisemoney.co.uk

01902 585052

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    QUOTE MEClick here to request a full, no-obligation quotation
    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.
    Secured / Second Charge Loans secured on your home
    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 £117,730.2
    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