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

15th November 2023

By Stuart Mayne

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.

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

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    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 secured on your home
    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 £317807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
    LOANS SECURED ON YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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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. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

    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 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk