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5.4% Secured Loan
I have been offered a loan of £20,000 at a rate of 5.4% over 7 years. I will probably be in a position to pay this off within 12 months but need this money now.
I have other properties which are unencumbered but my concern is that I'll be charged hefty early settlement fees.
Am I correct that on a loan of this amount that the most I can be charged is 2 months payments.
On the offer it says
When one quarter of term has elapsed I can pay £160000.16
One half £111100.16
Three quarters £5777.73
I'm just concerned that there will be some nasty surprise somehwere when I come to pay it off.
Thanks
I have other properties which are unencumbered but my concern is that I'll be charged hefty early settlement fees.
Am I correct that on a loan of this amount that the most I can be charged is 2 months payments.
On the offer it says
When one quarter of term has elapsed I can pay £160000.16
One half £111100.16
Three quarters £5777.73
I'm just concerned that there will be some nasty surprise somehwere when I come to pay it off.
Thanks
Ask me no questions, and I'll tell you no lies
0
Comments
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I have been offered a loan of £20,000 at a rate of 5.4% over 7 years. I will probably be in a position to pay this off within 12 months but need this money now.
I have other properties which are unencumbered but my concern is that I'll be charged hefty early settlement fees.
Am I correct that on a loan of this amount that the most I can be charged is 2 months payments.
On the offer it says
When one quarter of term has elapsed I can pay £160000.16
One half £111100.16
Three quarters £5777.73
I'm just concerned that there will be some nasty surprise somehwere when I come to pay it off.
Thanks
I sincerely hope the figures are incorrect0 -
What does the paperwork say about early repayments?
Thats the first place I would look.0 -
Why? What concerns you?Ask me no questions, and I'll tell you no lies0
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foxy-stoat wrote: »What does the paperwork say about early repayments?
Thats the first place I would look.
I've looked but other than examples as above it doesn't say anything.Ask me no questions, and I'll tell you no lies0 -
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You're borrowing £20,000 and can pay back £160,000 after one quarter of the term, I'd imagine.Why? What concerns you?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
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