Promise offer 100% borrowing on property purchase
Promise Solutions has launched an innovative loan which enables its introducers to arrange 100% borrowing on residential property purchases.
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Steve Walker at Promise commented:
“There has been much comment in the consumer press about home buyers being unable to escape negative equity or get back on the property ladder. This new loan goes a long way towards answering this problem and also will open up many more opportunities for brokers. It is a very straight forward CCA regulated loan but will allow loans up to £50,000 per applicant over a 15 year term at 14.9% APR.
"There are no fees, over payments are permitted without penalty and there are no ERCs. Subject to affordability, the loan can be taken out by just one party to the purchase if the other party has imperfect credit. It can also be used by first time buyers, to purchase Shared Ownership property or for Council RTB purchases. The loan completes via the lenders solicitors which also handle the purchase legalities so the entire process is very slick."
Walker added:
"During our prelaunch some brokers were concerned that mortgage lenders would not accept a loan as a valid deposit but we are pleased to say this is not the case and one of the UK’s largest lenders is already completing mortgages alongside this loan. This type of loan as been used very successfully in the new build sector and is now available to the intermediary market. We want to make applying as simple and transparent as possible and have therefore provided the prequalification criteria to brokers on our website plus created a simple application pack which can be completed in minutes. Once this is sent to Promise there is little else the broker needs to do other than concentrate on putting the mortgage in place."
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