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Lowest interest rates ever – is now the time to borrow?

Lowest interest rates ever – is now the time to borrow?

You will have heard that the bank rate has been reduced today to 0.25% – an all time UK low.

If you are a borrower or a potential borrower this has to be good news.

BUT MIGHT YOU MISS A BIG OPPORTUNITY AROUND THE CORNER?

Now is 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? – we think so.
• Will these deals stay around for a long time – probably not, if 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 should it come along, maybe start thinking about it now.

• Might now be 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 which represent the whole UK mortgage and secured loan market?

Well that’s where Promise money comes in.

As well as residential mortgages and secured loans, we have in house experts dealing in BTL and HMO mortgages, bridging finance, commercial mortgages, development finance, unsecured business loans and we even offer a panel of unsecured lenders for people who have been turned down by the high street for a personal loan.

We have software to track and compare all the latest mortgage deals as they happen – and 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.

Or do nothing and then regret missing a brilliant offer.

We don’t have a crystal ball but people make a living out of predicting situations and doing deals at the right time in the market cycle.

Why shouldn’t you?

If this message has inspired you to take action, please contact Promise Money when your plans come together.


Please call 01902 585020 or visit www.promisemoney.co.uk

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


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.


Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.

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