Lowest interest rates ever – is now the time to borrow?
15th November 2023
By Liam Preece
Lowest interest rates ever
Is now the time to borrow?
You may have heard that the bank rate has been reduced to 0.25% – an all time UK low. If you are a potential borrower, this has to be good news. But, might you miss a big opportunity around the corner?
Now is certainly the time to start planning and thinking ahead.
• Will lenders start competing by offering lower rates? – Yes • Might there be some better fixed rate mortgages coming along? – Yes. • Will these deals stay around for a long time? – Probably not. The rates have been reduced to help stimulate the economy in the face of the coronavirus.
So, if you want to grab a great mortgage or loan rate, now is surely the time to start thinking about it.
• Is this the time to start looking for your new home? • When does your current mortgage deal come to an end? • Could you be in a position a month or so from now to start looking for a new mortgage or loan? • When the time comes, where do you go to find the best deals?
Well, that’s basically where Promise Money comes in.
Here at Promise Money we try to provide the lowest interest rates.
As well as residential mortgages and secured loans, we have in house experts dealing in BTL and HMO mortgages. We also deal with bridging finance, commercial mortgages, development finance and unsecured business loans. As well as that, Promise offers a panel of unsecured lenders for people who have been turned down by the high street.
We have software to track and compare all the latest mortgage deals as they happen. We will advise you which one is suitable. If you start planning now, you may be in a better position to grab a once in a lifetime deal, which could emerge in the coming months.
If this message has inspired you to take action, please contact Promise Money when your plans come together.
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.