Interest Roll-Up Loan (APR 5.63%)
What is the Interest Roll-Up Loan? With an Interest Roll-Up Loan, there are no regular monthly repayments. This means that interest is continually added to your balance and thus the amount you need to repay is constantly increasing over time. The loan will be repaid out of the proceeds of your house when it is sold or upon expiry of the loan.
Can I settle early or make part payments? If you wish you may make part payments, or pay the balance in full, you can do so at any time without charges being incurred.
Who is this loan available to? The Interest Roll-Up Loan is available to eligible homeowners who have been deemed suitable for the product following a financial review. The eligibility criteria relating to appropriate work can vary, so please contact us for more information.
How much can I borrow? Loan amounts from £1,000 to £25,000 are available. The amount lent will be dependent on the extent and cost of the works to be done.
Is security required? Yes. The loan will be secured against your property, which menas that it cannot be sold, or the ownership changed without the Home Trust Loan being repaid.
How much interest will I pay?
Unlike secured loans from most other lenders, the interest rate will remain at 5.49% (5.63% APR) throughout the entire term of your loan. This means the balance will increase at the same rate and as such, we will be able to calculate what your balance will be at any point in the futur. The table below illustrates the total amount (initial loan plus interest) to be repaid for loans that are settled after a variety of periods:
|
Loan Amount
|
Monthly
Repayment
|
Settlement
Figure after:
|
|
£3,000
|
£0
|
5 yrs
|
£ 3,945
|
|
10 yrs
|
£ 5,188
|
|
15 yrs
|
£ 6,823
|
|
|
|
|
|
|
£5,000
|
£0
|
5 yrs
|
£ 6,575
|
|
10 yrs
|
£8,647
|
|
15 yrs
|
£11,371
|
|
|
|
|
|
|
£15,000
|
£0
|
5 yrs
|
£ 19,726
|
|
10 yrs
|
£ 25,940
|
|
15 yrs
|
£ 34,113
|
* YOUR HOME MAY BE REPOSSESED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Are there any other costs involved? We do not charge any legal or administration fees to arrange your loan. However, we will need to collect a £50 Land Registry fee to enable us to secure the loan. Once processed by the Land Registry the fee is non-refundable.