New Boiler Scotland

pochase

Are you sure that the 3% is a once of and not the annual interest on a loan for a new boiler?

macman

It's pointless to replace a working boiler that has no known issues, and for which spares are still available. The capital cost of replacement will wipe out the efficiency savings of a modern condensing boiler for years to come. probably the best part of a decade, even at current fuel prices.

BUFF

pochase said:

Are you sure that the 3% is a once of and not the annual interest on a loan for a new boiler?

It will be the APR but I assumed (possibly rashly) repayment over 12 months.
The 0% loan from Scottish Govt. via HES would allow up to 5 years for repayment.

QrizB

BUFF said:

pochase said:

Are you sure that the 3% is a once of and not the annual interest on a loan for a new boiler?

It will be the APR but I assumed (possibly rashly) repayment over 12 months.
The 0% loan from Sottish Govt. via HES would allow up to 5 years for repayment.

In favour of BUFF's suggestion, interest calculations don't work quite the way suggested. As you pay off the loan, so the principal falls and so the interest due falls too. For low interest rates you end up paying slightly more than half as much interest as you would calculate. So you could repay over 24 months, not 12.

Using this on-line calculator, a loan of £5000 over 2 years at 3% would incur £157.75 in interest. Monthly payments would be about £215.