What makes this product more exciting is the fact that:
- adverse credit is accepted
- repayments can be added to the loan where affordability is not proven
- it is available to both homeowners and tenants
Steve Walker, Managing Director of Promise explained:
"This is a ground breaking product. This loan is ideal for purchase deposits, remortgage shortfalls or for business ventures, particularly where there is adverse credit, lack of provable income or no available equity. It is also open to homeowners and tenants throughout the UK, including Northern Ireland and the Channel Islands.
“Borrowers need to have a pension which is capable of being transferred in to a SIPP which gives the lender comfort that, in the long term, borrowers will be able to repay the loan. For example, if clients can’t afford capital and repayment, we can consider interest only, or full roll up of interest and repayments to be recovered from the tax free lump sum at age 55. Each client receives individual advice regarding the product but introducing brokers get the opportunity to liaise with their clients and offer further advice or guidance.”
