Some positive signs
Some positive signs
If you need a positive shot in the arm here’s some of the more positive news which is circulating.
Let’s hope it makes a difference
New treatments for critically ill patients to begin trials
- Critically ill patients diagnosed with Coronavirus are to begin trials as soon as next week, says Tom Wilkinson, professor of respiratory medicine at the University of Southampton. Trials of an experimental drug that is inhaled to aid the recovery of asthma and chronic obstructive pulmonary diseased could begin as early as Monday at Southampton General Hospital.
- Read the full story here.
No new domestic cases in China
- For the first time since the outbreak began, China has reported no new cases of Coronavirus. Whilst there have been some new cases in the country, these were all recent overseas arrivals, which suggests that the strict restrictions that were imposed have done what was intended and halted the spread of the virus.
- Find out more by clicking here.
UK markets stabilised after interest rates cut
- The Bank of England recently cut interest rates to 0.1%, which massively stabilised markets. The BoE governor Andrew Bailey said on Thursday that the move was to quickly calm markets spooked by false lockdown rumours in the UK. The interest rate cut will allow an extra £200bn of quantitative easing funding, and it is expected that other central banks would soon follow suit.
- For a live update on the situation click here.
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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
Representative example
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
Representative example
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
Unsecured Loans
Representative example
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
Website www.promisemoney.co.uk