The maximum amount you can borrow will depend on your circumstances (e.g. the equity in your home, your household income, etc.) Our online calculator tool will be able to provide you with an indicative amount. Once you have entered your details into the calculator, it will estimate the maximum amount we can provide to you. You are not obliged to borrow the maximum; you can estimate what you think you might need over the next say, 5 years, and apply for that amount if it is less than the maximum. Remember, whatever amount you apply for, you only pay interest on the amount you actually drawdown – not the entire amount you have applied for.
A Secta Flexiloan is flexible and enables you to adjust the repayment term to suit your circumstances. The longer the term you choose, the less your monthly repayments will be (subject to a minimum). The maximum period for repayment is 30 years, but the actual term you choose is entirely your choice.
No. When applying for a Secta Flexiloan, most people will estimate the maximum they might need over the next five to ten years. Once approved, the funds will be available to you until you have reached the limit of your loan. You can access your Secta Flexiloan at anytime and drawdown as much as you need it without having to complete any further applications.
Yes; a Secta Flexiloan offers complete flexibility in the first 5 years.
Ok. They are two different things. The amount that you apply for is the overall amount that you have estimated that you might require. Let’s say for the moment that you apply for £60,000. If your application is approved you will receive a Secta Flexiloan that is available to you for £60,000. Now, although you have £60,000 available to call upon, you may decide you only need to drawdown say £5,000 or £10,000 or £15,000 etc., and this is the drawndown amount you will pay interest on, not the full £60,000 (unless of course you decide to drawdown the full £60,000).
Unfortunately, we are only able to offer finance plans to homeowners with equity in their property.
Your first payment will be deducted from your nominated bank account one month after you make the first drawdown from your loan facility.
It is best to apply as soon as possible so that we can get an agreement in place ready and make sure your funds are available as soon as you need them. You will not be liable for any interest or repayments until you drawdown from your loan facility.
Please complete a Change of Details form.
Yes; you can repay your loan partially or in full at any tim, and there may be a reduction in the amount of interest you have to pay. You will not be charged any early repayment fees.
We are currently unable to offer deferred payment facilities or payment holidays.