There is no equity reduction on ex-council houses and owner occupied semi commercial properties will also be considered suitable security on the same terms. Loans are also available to the self employed even if they don’t have up to date accounts or tax assessments.
Steve Walker, managing director at Promise Solutions, said, “This is an exclusive product and it is a real shot in the arm for Promise introducers, enabling them to place significantly more loans than they might through other master brokers.
“The 10% uplift in LTV is important but the more flexible attitude towards ex council houses, income proof and semi commercial properties makes this product the most significant single advance in product development we have seen for many years.
“Brokers can access source this product and get accurate quotes online or just give us a call and we can talk through any particular enquiry with them.”
Phil Whitehouse, head of TMA Mortgage Club commented, “One of the reasons we partnered with Promise was because they lead the market in innovation and we know that Steve and his team will continue to push the market forward with new products such as this plus the ongoing development of what is undoubtedly the best loan sourcing platform available to introducers.
“This new product is good news for our members and will give them more opportunity to satisfy clients who wish to capital raise but a remortgage is unavailable or inappropriate.”
Walker added, “The full details of the lender are being kept under wraps during the launch phase so high service levels can be maintained and the volume of business can be controlled through Promise’s current broker network and partners.”
