Placing unusual cases
Placing unusual cases
To help you spot those quirky second charge opportunities here are a few recent scenarios which might help you.
Maybe jog a memory of a recent case you have dealt with?
Take a look and just give us a call on 01902 585052 if a case comes to mind.
- BTL second charge behind TMW – they wouldn’t consent to a second charge.
We placed a £90K loan with a lender which didn’t require consent - £300K secured loan to take out an expensive bridge
Client was paying over 1% per month with no exit via a remortgage due to poor credit history. - £100K second raised for business purposes on main residence to support an ongoing development project.
Business purpose was fine and wife had arrears on her BTL mortgages plus CCJ’s - £60K tax bill to be paid urgently to HRMC
Secured loan arranged to clear outstanding tax and consolidate a further £20K of expensive credit. - 2 applicants in work a short time but needed prime rates
First applicant was a contract worker and had just changed main contractor
Second applicant was employed but moved to a new sector 6 months ago.
We’re grateful for any enquiries you can send our way – especially as the phones are normally quieter over the holiday period.
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