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borrowers

Digi Communications N.V.’s Romanian and Spanish subsidiaries sign facility agreements

BUCHAREST, Romania, 27-Jul-2021 — /EPR FINANCIAL NEWS/ — Digi Communications N.V. (The Company) would like to inform its investors and the market that on 21 and 26 July 2021, the Company’s Romanian and Spanish subsidiaries, each acting as borrowers, entered into two facility agreements.

As per the Senior Facility Agreement from December 15, 2020 the details of which were disclosed at that point to the market (please see https://bvb.ro/FinancialInstruments/SelectedData/NewsItem/DIGI-Contractul-de-Facilitate-Senior-incheiata-la-15-decembrie-2020/D0599), an incremental facility was made available to RCS&RDS, which could be established in accordance with the terms and limits set within the Senior Facilities Agreement. Therefore, pursuant to the Senior Facilities Agreement, on 21 July 2021, the Company’s Romanian subsidiary requested the establishment of an incremental facility in an aggregate amount of RON 500,000,000 (the “Incremental Facility”) to be used for the company’s capital expenditure and general corporate purposes. The facility was entered into, besides RCS&RDS as borrower, by and between DIGI Tavkozlesi es Szolgaltato Korlatolt Felelossegu Tarsasag („Digi Hu”), INVITEL Tavkozlesi Zrt (“Invitel”), the Company, Digi Spain Telecom SLU (“Digi Spain”), as original guarantors on one hand and the Original Lenders and BRD-Groupe Société Générale S.A., on the other. The Incremental Facility is not yet drawn. It is available to be drawn at a later stage.

On 26 July 2021, the Company’s Spanish subsidiary, acting as borrower together with the Company, RCS&RDS, Digi Hu and Invitel, as Original Guarantors, Banco Santander S.A. and a syndicate of banks, acting as lenders, entered into a facilities agreement for an initial duration of three and a half years with the possibility of extension up to 5 years, under which Digi Spain was made available: (i) a term loan facility in a total aggregate amount of EUR 57,000,000; (ii) a term loan facility in a total aggregate amount of EUR 65,000,000; and (iii) a revolving facility in a total aggregate amount of EUR 10,000,000 to be used for several purposes, including CAPEX and general corporate purposes.

For details regarding the reports, please access the official websites designated of Digi: www.digi-communications.ro (Investor Relations Section).

SOURCE: EuropaWire

Borrowers With Interest Only Mortgages Need Only Answer 3 Questions

Borrowers with interest only mortgages need only answer 3 questions – the current value of their property, the size of their mortgage and either their current monthly mortgage payment or interest rate. Borrowers on a repayment mortgage will also need to know the remaining term on their mortgage. The calculator checks against L&C’s comprehensive mortgage product database to see if there is a mortgage deal that could save the borrower money.

Now house prices are starting to show signs of recovery, more and more borrowers will find themselves in a position where they can switch and save. The One Minute Mortgage check offers a quick and easy way to see if the time is right to switch. The One Minute Mortgage Check calculator is available at www.lcplc.co.uk/check

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to http://www.lcplc.co.uk/green.

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Market Conditions Spell Good News For Life Insurance Policy Holders

Homeowners often fail to review their life Insurance when searching for the cheapest mortgage deal, but with both the cost of cover and their mortgage balance having fallen, many could make substantial savings just by switching life insurance providers.

Many borrowers with repayment mortgages are unaware that to ensure there is sufficient life insurance to repay their mortgage, life insurance companies assume an average interest rate for the life of the mortgage, often around 10%.

As many borrowers have not paid anything like 10% recently, and have made overpayments, their mortgage balance may well be significantly below the amount of life insurance cover.

This gives them the opportunity to reduce the level of insurance and save money, or with the cost of life cover now cheaper and competition stiff, get the same amount or even increase their cover for the same monthly outlay.

One L&C customer recently increased their life assurance from £390,000 to £423,000 to cover their new mortgage, but managed to reduce their premium, saving themselves around £130 per month.

L&C’s Richard Morea said:
The UK population is massively underinsured as a whole, so taking advantage of smaller mortgage balances and reduced premiums provides a great opportunity to make better provision for our families, without breaking the bank.

For more information and no-fee advice, life insurance policy holders should call free on 0800 0731932.

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Debt Management Could Help Borrowers Approaching Retirement

Responding to new research suggesting that more than half of over-50s in Britain carry non-mortgage debt, debt management company Gregory Pennington has warned of the risks of carrying debt while approaching retirement, adding that good debt management is essential for anyone with problem debts.

Debt Management

Research from Moneysupermarket.com found that more than half (51%) of Britain’s over-50s population hold non-mortgage debt, at an average of £6,734.

Over the past 12 months, 17% of over-50s in debt have reduced their non-mortgage debt, according to the research, but 22% have taken on more debt in this time. 5% said their debt had increased “a lot”.

48% of over-50s whose debt had increased said they had gone further into debt in order to pay bills. 15% of those in debt said they believed debt would always be part of their life.

However, 48% of over-50s had reduced their outstanding borrowings over the past year, with 21% claiming to be in a lot less debt than they were a year previously.

Tim Moss, head of loans and debt at moneysupermarket.com, said: “… It’s encouraging to see that a good number of Brits aged over 50 are taking active steps to reduce the amount they owe.

“However, the fact that half of the people in this age group are still in debt above and beyond their mortgages is alarming. Those aged over 50 have to factor how long they can continue earning, and begin thinking seriously about their finances in retirement; debts that are currently easy to service could become a millstone round their neck in later retirement years.”

A spokesperson for Gregory Pennington said that trying to pay down debt in the run-up to retirement could affect the borrower’s ability to save adequately for retirement.

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With The Bank Of England Rate Remaining At An All-Time Low Of 0.5% In August, Now Could Be A Good Time For Many Borrowers To Consider An Offset Mortgage

An offset mortgage works by using savings you have to reduce the amount you owe on your mortgage and therefore the amount of mortgage interest you pay. For example, if you have an outstanding mortgage of £120,000 and savings of £20,000, you would only pay interest on a mortgage of £100,000. You don’t receive interest on your savings, but that also means that you don’t pay tax on that interest.

This tax benefit, added to the fact that mortgage rates are typically higher than savings rates, means that you could save thousands of pounds in interest with an offset mortgage. Taking a mortgage rate of 3.99%, a basic rate taxpayer would need to earn at least 4.99% from a savings account to get the equivalent benefit. A higher rate taxpayer would need to earn 6.65%.

You could also cut years off your mortgage term by using the saving to make regular overpayments.

Richard Morea, Technical Manager at L&C said, “If you are frustrated with the low interest rates you are earning on your savings in the current market, then an offset mortgage is worth considering. They are not suitable for everyone, but if you have a decent amount of savings, offsetting them against your mortgage could save you thousands of pounds in interest.”

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L&C Customers Save £5.9M In Broker Fees

The mortgage market has changed out of all recognition in the last 18 months and borrowers are ever more keen to seek quality advice without incurring a heavy cost for that advice. Mortgage arrangement fees have soared in recent years and with some broker fees amounting to as much as 1% of the mortgage amount on top, borrowers cannot ignore their impact.

“Fee-free, whole of market advice coupled with quality service from application to completion has been central to borrowers choosing L&C. With mortgage availability restricted the last thing our borrowers want to face is another fee. That’s why we are maintaining our commitment to fee-free mortgage advice”, commented David Hollingworth at L&C.

Borrowers seeking fee-free advice should call 0800 373300. Saving in broker fee calculated based on a fee of £250 per mortgage.

London & Country Mortgages Ltd is the country’s leading whole of market no-fee mortgage broker and submitted in excess of £4bn of mortgages to over 70 lenders in 2008.

L&C has won numerous awards including:

Best Mortgage IFA/Adviser of the Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy, 2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007,2008
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year – The Bath Business Awards 2005

Growth Strategy of the Year – National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards – 2008
Online Mortgage IFA of the Year – Financial Adviser – 2008

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Secured consolidation loans are still a viable debt solution

In the midst of the credit crunch, thinkmoney.com reminds existing and potential customers that secured consolidation loans are still a viable debt solution for many homeowners – and that a range of alternative debt solutions are available to borrowers who either can’t secure a loan against their property or prefer not to.

“There’s no question that obtaining secured credit has become harder and, in many cases, more expensive,” a spokesperson for the financial solutions company commented. “As a second charge on a home, a secured loan involves a certain risk from a lender’s perspective, so secured lenders are keeping a very close eye on issues in the housing market. A recent Bank of England survey revealed that default rates on secured lending rose by more than expected in Q2, and lenders expect these rates to rise further in the months ahead.

From the individual borrower’s perspective, equity withdrawal of any kind is clearly a more attractive option when house prices are rising: “Today’s falling prices are reducing the number of homeowners with enough equity to make a secured loan a viable solution – and deterring many who are keen to retain their ‘safety margin’ against negative equity.

“Having said that, it’s important to see recent falls in house prices in their correct context: as relatively small drops following a decade of rapid growth. According to Nationwide’s House Price Index, for example, the ‘average house’ in Q2 2008 was still worth almost £10,000 more than it was in Q2 2006. In just ten years, Nationwide reports, the average house price rose from £60,754 to £184,131 – homeowners may be worried about falling prices, but many are still likely to own significant levels of equity. For them, a secured loan can be an excellent debt solution: a realistic way to consolidate their unsecured debts into one manageable, lower-interest debt which they can arrange to repay at an affordable rate.

“Nonetheless, when major secured loans providers like Firstplus announce they’re ceasing to make new loans, it’s clear that the secured loans market as a whole is suffering under today’s adverse conditions. With lenders tightening their criteria or even turning down new business, it’s more important than ever that borrowers choose a company that works with a wide range of lenders and specialises in finding secured loans for people from all kinds of financial backgrounds. Talking to the right company can make all the difference between being offered credit at a competitive rate and being unable to avail a secured loan at all.”

Concluding, the thinkmoney.com spokesperson stressed that secured consolidation loans are by no mean the only way out of debt. “Depending on the individual’s circumstances, a number of other debt solutions may be more appropriate than a secured loan, such as a debt management plan, an unsecured debt consolidation loan, an IVA (Individual Voluntary Arrangement) or, for residents of Scotland, a Trust Deed. For anyone in debt, the important thing is to seek impartial debt advice from a company that offers a wide range of debt solutions – a company that has an in-depth understanding of each solution’s benefits and drawbacks and can recommend the one that constitutes their optimal route out of debt.”

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