Loans

Covid Chaos

 

Covid Chaos - Are you ready

 

 

Download the MP3 here

Covid chaos.

In these unprecedented times, engaging with an experienced Authorized and Regulated Independent finance broker has never been more important. My 27 years of finance experience will often be the difference between a potentially successful outcome, or as I have often seen, failure and disappointment when a customer opts to directly use an online application with a Company of which they know nothing about.

Over the last couple of weeks, we have seen Covid chaos, with many lenders stopping lending altogether, often a combination of volumes of existing customers seeking payment holidays causing internal cashflow issues, plus their own funding lines of credit having more stringent covenants imposed. Others have seen their funding dry-up as private investors withdraw their support, or, the threat of not being able to enable Securitization.

All is not lost, however – there are still many positives in the Personal, Business and Buy-To-Let finance market, with the caveat that if you think you want it, then ask now, whilst terms remain favourable.

So, just what is available during this Covid chaos?

 

First Charge Mortgages:First Charge
Estate Agents – Closed.
Surveyors and Valuers – Pretty much closed.
Removal firms – Closed.
Therefore, the logical conclusion is that the property market has become totally stagnant apart from re-mortgages, re-finance, debt-consolidation, product transfers and those seeking a new lender to replace their existing expensive Standard Variable Rates, some of which are still in the 6 to 8 percent ranges, despite the recent Bank of England Base Rate cuts to just 0.1 percent.
Yes, underwriting has become ever-more cautious, yes, more property equity is needed, but yes, many options and solutions remain available, although more hoops of fire to jump through.

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

 

Secured Loans:Second Charge
Second charge lenders are still lending, with a desktop or drive-by valuation available for loans up to £200,000 and maximum LTV’s of 80%. Higher limits are possible but at a premium, with tightened underwriting. In certain areas, some surveyors are willing to visit properties and guarantee there is no risk to you, the applicants. Additionally, work and employment circumstances will be looked at both sympathetically and sensibly. A loan is often ideal for the consolidation of escalating unsecured debt into a more manageable payment, particularly if a remortgage, further advance or unsecured loan is inappropriate or unavailable.

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

 

Bridging Loans:Bridging Finance
Fact – We are about to see a vast reduction in the number of lenders operating in this market, and full-status lending criteria may become bordering upon almost impossible to meet, with only a select few being able to access funding. There is a strong probability that lenders will want to see a higher degree of equity available.
However, non-status loans remain available, meaning that you need not have a perfect credit history behind you in order to achieve your objective.

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

 

Buy-To-let:Buy-to-Let
I have not seen these levels of lender attrition and fall-out since the crash of 2008. Knowing which lenders will still be around once the crisis is over is something I have continually monitored and reviewed, building experience and data upon, and calculating likely responses – lenders are a business, they are not immune to what is happening globally. My stance is very easy to explain, never ever, ever go for cheapest, go for what works and who can deliver. It is also helpful during these times to consider lenders who offer desktop and automated valuations, removing the requirement of a surveyor visiting the property.

 

If you think that you may need finance for whatever reason, either Personal, Business, Buy-to-Let, or Debt Consolidation, then please act now whilst channels are open, you can thank me later.

And as always if you need to talk, discuss, enquire or whatever, do give me a call – I’m here to help.

May I wish you, and your families, personal safety during these uncertain Covid-19 times.

“For all you Buildings, Contents and BTL Insurance, click here for your personal Quote Engine 24/7”

 

Want more?You may wish to read this Article too – If you want it, do it now

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

 

 

 

Let us say “Yes, we can help” – Covid Chaos

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 secured loan quote, click HERE

Return to Homepage HERE

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″

 

Energy Saving BillBuddy

It’s quick. It’s easy. It’s Free. Click here for more information.

If You Want It, Do It Now

If you want it, do it now - Finance and Coronavirus information

 

 

Download the MP3 here

If you want it, do it now…

There are currently some very serious issues in obtaining First Charge, Second Charge, Third Charge loans, and mortgages.

No, this isn’t designed to be sensationalist or be a sales message, this is written in very earnest seriousness whilst watching to Coronavirus develop and affect the money markets.

There is a very real scarcity threat looming ahead.

One Pound Sterling £1 is now worth roughly 1 Euro, under $1.2 USD, and around $2 AUD. The FTSE and Dow Jones have taken massive hits, crashing almost 10% in one day, and some say property prices may also suffer here too; I’ve heard figures of up to 30% price drop being talked about.

In times of dire uncertainty, lenders and institutions will always revert to a knee-jerk reaction, often citing others as a reason for their responses, and with massive Directors’ salaries and bonuses at stake, who can blame them for their own self-preservation of profit and self-interest – But that’s not really helping you, is it?

This week alone, I have seen 4 lenders fully withdraw from lending anything to anyone. They are closed for all business. There is an ever-growing list of others who are retracting, tightening policy and needing greater certainty (and equity) from their clients, often changing the rules after an application has been made – This applies to both personal borrowings and Limited Company business borrowing, indeed, certain sectors of routine trading are now Blacklisted until further notice.

In the last two weeks, we have seen the financial woes of 2008 coming back, but this time it isn’t self-made, it’s from Worldwide external events. This week, over 800 residential and BTL products have been withdrawn, and over 1,000 criteria changes have been made to individual lender underwriting rules, and it’s about to get a whole lot worse.

So, what does all this mean, to you?

Well, let’s look at some pertinent facts.

Trace back over the last 30 years and you will see that I was RIGHT about Endowment mis-selling, PPI mis-selling, Pension mis-selling, Mortgage mis-selling, the LIBOR rigging, Pension Transfer mis-selling, Property Market crash, Sub-prime Mortgage disaster, Self-Cert Mortgage issues – The list goes on and on – therefore I am probably right in my current thoughts too.

I am seeing the undercurrent of scare tactics arising, from the media reports that you can Google for free anytime you want – It’s the behind-the-scenes reality, and the daily dealings with lenders of all shapes and sizes, that you won’t have exposure to. So, when Zoopla predicts property sales are set to reduce by 60% it is time to consider just WHY they are saying this, what their thoughts are and what evidence this is based upon.

Lenders are like shoals of fish – when one moves and changes direction, the rest follow instinctively and in unison. I prefer to work with the free-spirited fish that can think for themselves and make decisions that are based upon fact, not fear – There are always solutions to problems, there are always lending sources that remain open, and thrive, in times of crisis.

Last week we saw the Bank of England cut their Base Rate from 0.75% to an unprecedented 0.1%, yet immediately, as a knee-jerk reaction, many lenders immediately announced that their product rates were being increased. The net result? Borrowing instantaneously became, in effect and on paper, over 1% more expensive. Additionally, many Base Rate Tracker products were withdrawn, leaving only Fixed Rate products available, and at a higher cost. With higher rates comes increased stress-test strain, combined with more rigorous underwriting, engineered in such a way that only the fittest and financially strongest can get what they either need or want. Combine all of this along with loss or decline of income and you have a melting-pot of serious problems brewing-up. Therein lies the problem.

Going back to the title again – “If you want it, do it now”

By now, you can see the logic of this: If you even THINK that you may need finance for whatever reason, either personal or for business, then please act now whilst channels are open, you can thank me later.

And as always if you need to talk, discuss, enquire or whatever, do give me a call – I’m here to help.

May I wish you, and your families, personal safety during these uncertain Covid-19 times.

 

Want more?You may wish to read this Article too – Tax Bill, or Tax Demand

 

 

 

Let us say “Yes, we can help” – If you want it, do it now

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

 

Energy Saving BillBuddy

It’s quick. It’s easy. It’s Free. Click here for more information.

Why Was My Mortgage Declined?

 

Why was my mortgage declined?

Download the MP3 here

Did you know that, on average, 340 mortgage applications will be declined today?

Small comfort, especially if it was you who received the No.

Specialist lending is an area of growth, it is rising from the need for solutions to consumer problems that the high street lenders cannot hope to solve. These high street names have massive reserves, as dictated by Regulation.  The media-hype leads us to believe these lenders want to help, however, this is a far cry from the truth, the simple fact is that they do not want risk, they will not consider risk, and they will not lend where a risk may even be of their own perception and making.

Yet the very fact they perceive there is a risk, does not, however, mean the risk is real.

As peoples’ lives change and evolve, mortgage and loan applications will continue to increase in complexity, and complexity does not sit comfortably with risk appetite, nor tick-a-box criteria checklists. Therein lies the problem… You cannot fit a round peg into a square hole – you need a corresponding round hole for everything to fit well.

Anyone classed as complex, outside-the-box, or having minor adverse credit, now has the chance to obtain mortgages and loans that until recently, were simply not available mainstream.

How are needs changing? Here are a few thoughts for you, in answer to the question “Why was my mortgage declined?”

  • Since 2008 (the year of the Crash) there has been a 25% increase in self-employed workers
  • Over 1 million people are now on Zero-Hours contracts
  • 1 in 7 people will be over 75 years old by the year 2040
  • On average, 3,311 County Court Judgements were registered every day during 2017
  • Consumer debt is growing, it has already reached £1.59 Trillion

Credit blips, missed or late mortgage, loan, credit card or utility bill payments, are becoming ever-more common.

Here at Step-Up Loans, we are proud to boast that as an Independent, we have access to the whole marketplace of lenders, not just a few favourites or a restricted panel. If it can be done, we are able to do it, whether it is for personal use or business purposes. Whether employed, self-employed, zero-hours or a contractor. Whether you are 21, 61, or 81. And in certain cases, whether you are not a homeowner but are able to have a Guarantor who is.

Your best plan is to call us directly – Everyone is different, everyone has a story to tell.

Let us listen to your story and find the solution that’s needed.

Let us say “Yes, we can help” – Have you had a mortgage application declined?

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

 

bad credit history

Do You Have A Bad Credit History?

Do you have a bad credit history?

Download the MP3

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.

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…

Return to Homepage HERE

second charge loan

Have You Considered A Second Charge Loan?

Have You Considered A Second Charge Loan?

Download the MP3

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.

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.

Download the MP3

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.

Download the MP3

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?

Download the MP3

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.

Download the MP3

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.

Download the MP3

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