Promise Bridging – Enquiry to completion 3 days
Promise Bridging
A broker who was arranging a BTL mortgage recently needed a faster solution but also wanted the best bridging loan rates for his customer. However, fastest and cheapest don’t always come from the same lender so getting the priorities right is paramount. His client wanted to complete a purchase before the new Stamp Duty deadline kicked in on the first of April. We picked the case up on Tuesday 29th March, just after the Easter bank holiday and it needed to fund by close of business on Thursday 31st allowing three working days. Having established there was sufficient equity in the portfolio to allow a cross charge the broker threw in to the mix the fact that the client resides in Cyprus. Interest rates were the least of the problem.
After in-depth conversations we identified the lender which would be able to work on its own assessment of valuation and have the resource of in-house legal’s which would rapidly increase the speed of these important stages. When speed is the main driver every party involved must be on the same page, including the client who arranged to fly into Manchester, meet with the lender and provide the necessary signatures allowing the lenders in house legal’s time to get the charge registered. This case was funded at 10am on Thursday 31st with the exit being the original buy-to-let mortgage but saving the client a significant increase in Stamp Duty liability and the interest rate was only a little higher than the mainstream lenders. Sometimes price is very much the secondary consideration.
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