Secured Loan Advice Needed

marathonman_2

Hi,

If I was to take a loan for £22,000 over 18 years but repaid it within 6 months, what would the charges for early repayment be?

Am I right in thinking approx. two months repayments plus an admin fee for early repayment?

Hope somebody can help.

Regards

Phantom_Flan_Flinger

That's pretty much it.

It's hard to find anywhere that quotes what their admin/early settlement fee will be though.

marathonman_2

Thanks for that,

I want to consolidate some debts now but I cannot remortgage until April next year due to early repayment charges. That is the reason for the question.

Thank you.

jonesMUFCforever

marathonman wrote: »

Hi,

If I was to take a loan for £22,000 over 18 years but repaid it within 6 months, what would the charges for early repayment be?

Am I right in thinking approx. two months repayments plus an admin fee for early repayment?

Hope somebody can help.

Regards

It would entirely depend on the terms and conditions of the loan.
If you were to have a special deal locking you in for so many years then the early repayment charge could be a lot more than 2 months interest and an admin charge.

Butlers1982

USUALLY, loans under 25,500 early repayment penalty charges are one months interest plus an admin fee PLUS the total broker fee if you used one! many people forget about the broker fee, its included in the payment of the loan but if you pay off earlier than the agreed date you will have to pay it in full

marathonman_2

Thanks guys,

Dealing direct so no broker fees. I think this is my cheapest way to consolidate in the short term.

Thanks once again.

Butlers1982

Thanks once again.

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