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Credit Scores Protected When Using A Payment Holiday

 

Credit Scores Protected

 

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Credit Scores will be protected during the Covid-19 period when payment holidays are being taken, say the three main credit reference agencies, Experian, Equifax, and TransUnion.

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During March 2020, the Government announced that homeowners impacted by the current crisis could ask their mortgager lender for a payment holiday of up to three months, for both Residential and Buy-to-Let customers. The agencies are implementing a special measure called an `Emergency Payment Freeze’ to ensure that credit scores are protected for the duration of an agreed payment holiday. Our understanding is that individual credit reference files will not show a missed or late payment, which is of critical significance to keep credit scores intact, and whatever the individuals score level is, this will not be negatively affected and remain unaltered until after the `freeze’.

In addition to the Government guidance on mortgages, lenders may also be able to make special arrangements across other forms of credit. These may include payment holidays, reduced payments, paused payments or increased credit limits, all covered by the `freeze’ arrangement.

However, what is not known when moving forwards, is how lenders will view the borrowers needs when having taken a payment holiday. The individuals score may not be affected, but the diligence of heightened underwriting and assessment of lender risk may come in to play. Lenders do not like risk, they do not like lending to those who have demonstrated an inability to maintain payments.

The remainder of 2020 will certainly become the New Normal, as was the effect of the 2008 crash.

“For all your Commercial Mortgages, Business Loans, Cashflow Finance, BTL, and HMO Mortgages, click here “

 

Want more?You may wish to read this Article too – Covid Chaos

And if you are a Business, you may wish to read this – Stay Safe

 

 

Let us say “Yes, we can help” – Credit Scores Protected When Using A Payment Holiday

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Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

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Article credit: Copyright SUL © 2020

“For all your Purchase, Remortgage and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″

 

 

Short Term Loans

Tax Bill or Tax Demand?

Tax Bill

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You may already know this, however, many people remain unaware that HMRC no longer accepts card payments.
This applies to both personal and business tax – You can no longer pay your Tax bill or Tax demand, nor NI Contributions using a credit card. The thought process is that “if you need to pay tax upon earnings, you have already earnt the money, therefore there should be no need to borrow it”.

However, although you can’t borrow on credit cards, you are still allowed to borrow, or capital raise, using personal or business loans.

Here are a few solutions to consider:

Regulated Second Charge, Third Charge, or Equity Loans

  • There is a massive choice of up to 100% of your property value – even with a little adverse, such as missed payments or other minor credit issues
  • Interest rates start at around 3.5% and depend upon your personal circumstances
  • Heavy adverse such as CCJ’s and recent mortgage or loan arrears are considered at up to 75% of your property value
  • Proof of the affordability of borrowings will be required but there are lenders available with no Loan-To-Income cap, and those who take a sympathetic view on contractors, benefits, etc.
  • Loans are available for both personal and/or business tax demands or bills

Unregulated Loans

  • Some lenders will make an advance to a business and secure the loan upon the main residence
  • Start-Up loans or poor trading accounts – Some lenders will consider using your cash flow forecasts
  • Some lenders will lend without equity or, indeed, will consider lending on a totally unsecured basis, even with adverse credit if the story makes sense
  • We have numerous lenders covering specific different geographical areas in the country – Ask us what’s available in your area

When borrowing over more than one year to pay a tax bill, perhaps you should ask yourself “what’s the plan for next year?” so that you don’t dig an even deeper hole with HMRC.

Taxes are unavoidable, and poor planning of payment can cause enormous strain upon you, your family, or your business – Watch out for tips we will be providing in further articles.

 

You may wish to read this article too: A Reduction in Outgoings  

 

 

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Let us say “Yes, we can help” – Provide funds to pay a Tax Bill. or Demand

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

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Bee Loans Short Term Loans

bad credit history

Do You Have A Bad Credit History?

Do you have a bad credit history?

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We are working with a specialist provider of residential second charge loans and mortgages, lending to customers who are unable to obtain finance from traditional high street lenders.

There are many reasons why the High Street declines someone, here are a few reasons.

  • You may have up to six months current mortgage arrears, due to personal unforeseen issues? Usually, any arrears are an auto-decline on the High Street.
  • This understanding extends to arrears on subsequent charges, following the main lender. Many second charge lenders will allow such a credit blip.
  • Loans of up to £100,000 may be available, with higher limits upon underwriter referral.
  • Any amount of CCJ’s and defaults, past and present, may be considered.
  • Do you have a pending bankruptcy action for Income Tax? We can help, as this issue is becoming more common.
  • Loans are also available on Buy-to-Let properties.
  • As well as vanilla Standard Variable Rates, both 3 and 5 year fixed rate plans are available.

Free credit score

Let us say “Yes, we can help” – Do you have a bad credit history?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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“For all your Purchase, Remortgage, and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″ 
second charge loan

Have You Considered A Second Charge Loan?

Have You Considered A Second Charge Loan?

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Are you looking for a Remortgage or a Further Advance?
You can count on us to find the right home for your needs.
Thousands of second charge mortgages have been arranged in recent years, from an extensive panel of lenders across the whole of the marketplace.
They can be a great alternative for you when:

  • You fail an affordability test with your main first charge mortgage lender
  • You have an Early Repayment Charge on your first charge
  • Your current mortgage is Interest Only, and any changes would withdraw this option
  • You are benefiting from an existing low mortgage rate but want to raise capital
  • You are wishing to capital-raise for business purposes, including deposits for buy-to-let mortgages
  • You are keen to retain your current mortgage product but now have historic adverse credit.

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Additional factors include:

  • Up to 100% of property value may be possible
  • Interest rates are comparable with regular mortgage rates
  • Variable rates and fixed rates are available, fixed for up to 5 years
  • The loan term may be from only 3 years, running all the way up to 30 years
  • The loan amount may be from £3,000 to £1,000,000+
  • You may be an Employee, Self-Employed, Expatriate, Portfolio or first-time Landlord or a Limited Company
  • There are usually no Early Repayment Charges associated with Second Charge Secured Loans

Any questions? Get in touch today.

Let us say “Yes, we can help” – Have you considered a second charge loan?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

A reduction in outgoings

A Reduction In Outgoings

A reduction in outgoings.

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Second Charge mortgages can offer the ideal alternative to a remortgage, further advance or unsecured loan. This is why they can be really useful for those who desperately need to reduce their monthly outgoing costs.

Here’s how a customer was helped to reduce their monthly outgoings by £291 a month, in just 6 days from the application being received from the customer:

Situation.
Unsecured debt balance: £25,000
Average monthly payments: £666
The client needed to consolidate her debts to reduce her monthly payments. In addition, she wanted to finance a new bathroom at a cost of £5,000.

Challenge
The client did not want to raise additional finance through a further advance, or a remortgage due to the resulting high redemption penalties.
The client had already been rejected for unsecured loans because of her high outgoings.
Plus, the client wanted protection against possible rate increases for 5 years and the ability to overpay without penalties.

Solution
In just 6 days, the customer received their funds:

  • £30,000 over a 20-year period
  • Monthly payments reduced to £375, which is a £291 reduction in their outgoings each month
  • Fixed-rate for 5 years
  • No Early Repayment Charges, allowing them to remortgage later, or make overpayments anytime

With rates from around regular mortgage rates and loans of up to £2,000,000,  Second Charges can be used for a wide variety of both reasons, and clients. So why not contact us now?

Let us say “Yes, we can help” – A reduction in outgoings

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Even more reasons for a secured loan

Even More Reasons For A Secured Loan

Even more reasons for a secured loan.

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I would recommend that you take a quick look at some of the key elements below. Perhaps you, your family or friends fall into one or more of these areas?
Here at SUL, I still have access to the largest second charge panels in the marketplace so if I can’t place a case, I doubt anyone can. I remain fully Independent. Feel free to contact me using the details below this article.

For Residential Owner-Occupied Homes

Examples of acceptable circumstances for Contractors and those with short work history:

  • 6 months contract or a rolling 3-month contract renewed at least once
  • Umbrella companies acceptable
  • Contracting less than 12 months – Weekly contract rate x 46 (minus expenses)
  • Only 1-year track record of employment in the same line of work required

Acceptable Properties; usually unacceptable for mortgages:

  • Ex Local Authority flats/maisonettes
  • Flats above commercial premises
  • Flats above take-away, restaurants, pubs
  • High rise flats and deck access

For those with large families:

  • Up to 4 applicants accepted with all incomes considered
  • Second charge applicants do not have to be on first mortgage
  • Borrowing may run into retirement
  • Up to age 85 at end of term
  • Current income used if retirement is more than 10 years away

For cases where Interest Only is preferred:

  • Up to 60% of property value can be used
  • An investment vehicle or downsizing may be used as an exit route
  • An Impaired Credit History is acceptable
  • Current Debt Management Plans may be considered
  • Up to 3 CCJ’s and 2 missed mortgage payments are allowed, up to 70% of the property value
  • Up to 3 missed unsecured payments in last 6 months are allowed
  • Telecoms missed payments ignored

Buy to Let

  • Owned personally, by a trading company or an SPV
  • Portfolios of up to 15 properties
  • Older or retired landlords – interest only up to 75% of property value and up to age 95 at end of term
  • Expats – No minimum income required
  • Impaired credit plans available
  • HMO’s up to 8 bedrooms and multi-unit blocks up to 5 units

Many independent lenders have numerous individual underwriting niches which on their own are valuable and can fill the gaps on tick-box circumstances.

Let us say “Yes, we can help” – Even more reasons for a secured loan

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Second charge mortgages

Why Should You Consider Second Charge Mortgages?

Why Should You Consider Second Charge mortgages?

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Second Charge Mortgages can be considered as a viable solution for debt consolidation, and they provide products that are affordable and sustainable.
There are few restrictions on meeting criteria and they can offer full consolidation almost no matter what the level of unsecured debt. This reduces your monthly commitments and outgoings, as many of these debts are a percentage of loan outstanding each month, and often place a financial strain on you.

  • We can help you on the journey back to high-street lending.
  • No limit consolidation
  • Loans up to £1,000,000
  • Loans of up to 95% of your property value
  • All credit profiles considered

Better Rates
Here, we don’t rely solely upon generic or data-driven, tick-a-box sourcing systems. Around half of our cases have found a better solution and interest rate by being underwritten manually, compared to those presented electronically, as we have a deeper understanding on the human side of underwriting and lending. Your personal circumstances are always taken into account.

Experienced Advisors
We rely on a team of personnel that are minimum CeMAP qualified (the industry standard) and with a minimum of 5-years experience in second charge mortgages and loans, therefore you can be assured of a responsible outcome.

Let us say “Yes, we can help” – Second charge mortgages

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

6 reasons why

6 Reasons Why You Should Consider A Second Charge Loan

6 reasons why you should consider a second charge loan.

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Interest rates.
These are much more competitive than you may realize, and are often comparable to regular mortgage rates, with a choice of variable or fixed rate options.

Affordability assessment.
Second charge lenders may be more flexible than first charge lenders. Both types of loan are heavily regulated, with the intention of providing the best advice for you, the consumer, however, second charge underwriting often follows a less stringent set of rules, and the lender underwriters are able to treat you as a human, not a number.

Adding a partner.
It is often possible to add a partner to a second charge, allowing income to be considered for both parties.

Loan purposes.
Requirements such as home improvements, debt consolidation, tax bill payment, school fees, holiday home purchase, all of these and many more, are acceptable purposes.

Interest only.
Interest-only products are available at very competitive rates, and, as there is no structured capital repayment built-in, these can be a very affordable alternative in many cases.

Completion times.
Dedicated and experienced underwriting teams work very hard to turn around cases in record times. Secured loans are very much faster than mortgages and remortgages.

Let us say “Yes, we can help” – 6 reasons why you should consider a second charge loan

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Avoiding loan fee fraud

Avoiding Loan Fee Fraud – What You Need To Know

Avoiding loan fee fraud.

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The FCA is warning consumers about avoiding loan fee fraud.
The Financial Services Authority has issued a public warning after consumers lost three and a half million pounds in fraudulent loan applications last year.
The regulator says it has seen a big increase in this type of fraud, with the number of people complaints about such scams rising by 44 percent from 2016 to 2017.
These scams typically target those who are in distressed financial circumstances and looking for a short-term loan.
When searching for loan providers online, customers are contacted by an unregistered firm informing them that they have been approved for credit, provided they pay an upfront fee.
The FCA says some customers are persuaded to pay multiple fees, with the average loss being £740.
The regulator added that research shows that seven out of ten consumers (72 percent) had not heard of such lending scams. It urged people to check that a loan provider is authorized by the FCA.
An FCA officer said: In 2017 there were 4,700 reports of loan fee scams made to Action Fraud. It has now overtaken investment fraud as the most common scam reported to the FCA. Scammers often target the most financially vulnerable, on lower incomes and with poorer credit ratings.
This issue is somewhat complicated by genuine loan brokers charging a fee for their services, but fees are not normally paid upfront, other than the cost of a property valuation. Such brokers should be fully authorized with the regulator, and if the loan does not then materialize, consumers have a right to redress. StepUpLoans.co.uk and Step-Up Finance are fully authorized and regulated by the FCA (Register number 303044) and our details can easily be found on their website. All of our Lenders are also fully authorized, and therefore accountable.
Many thanks to the FCA for the information contained in this post.

Let us say “Yes, we can help” – Avoid Loan Fee Fraud

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE