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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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.
If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. 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.