REPRESENTATIVE EXAMPLE
If you borrow £30,000 over 180 months with an interest rate of 9.25% fixed for the first five years from loan completion, followed by a variable rate currently at 9.75% for the remainder of the term:
- Your monthly payment will be £353.53 during the initial fixed-rate period of 60 months.
- Thereafter, your monthly payment will be £363.89 when the rate becomes variable. The variable payment may change if the interest rate fluctuates.
The total amount payable will be £64,878.60, consisting of:
- Loan amount: £30,000
- Interest: £30,528.60
- Broker fee: £3,750
- Lender Fee: £600
This results in an overall cost of 12.6% APRC.
Rates from 5.99% to 26.3%.
All fees charged by our partner (Optimise Finance) will be explained in detail and subsequently in writing prior to commencement of any loan that our partner(s) are able to provide.
Fees will only be payable where further services from our partner are requested and depending on the solution, costs may vary.
The Money Advice Centre does not generate leads for resale and all enquiries are managed directly by The Money Advice Centre.
When we introduce you to Optimise Finance, please be aware you are subject to their terms conditions and privacy policy.
Please also note that if you’re having difficulty managing monthly repayments, we may refer you to Refresh Debt Advice to look at non borrowing debt solutions.Refresh debt advice is a trading style of Refresh Debt Services Limited is registered in Northern Ireland (No. NI1055582). Refresh Debt Services is authorised and regulated by the Financial Conduct Authority, No 674160. Information Commissioner’s Office (ICO) Registration No Z9114806.
All information and services provided by The Money Advice Centre are free of charge.
THE MONEY ADVICE CENTRE LTD is Registered in England and Wales (Company number 14186998)
FCA Registration Number - 1003359.
Registered Office; Suite 1 Egerton House, Wilmslow Road, Manchester, England, M20 2DX. Our ICO Number is ZB432317 which allows us to hold your information. By submitting an enquiry, you confirm that you have consented to being contacted by The Money Advice Centre and/or our partners so therefore we may contact you by post, phone, and email however you can OPT-OUT at any time by informing us or our partners directly.
The Money Advice Centre is an IAR (Introducer Appointed Representative) of Optimise Finance who are regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 724841. Buy to let, Bridging and commercial loans are not regulated by the Financial Conduct Authority. (Loans Secured On Your Home)
