Flexi Loan

With a Flexi Loan you reduce your regular outgoings by only paying the interest on your loan to start with. There is no specified date by which you must repay the loan. Instead, as long as you still own your home it's like an account overdraft with an approved credit limit that's secured by the mortgage over your property. You can borrow up to your agreed limit and repay as often as you like. Interest is only charged on the amount you actually use. There are no extra fees for withdrawals and no charges for unused funds.

Interest rates are usually slightly higher than those for a Table Loan, however easy principal repayments can be made at any time.

The benefits are:

• You can retain the same loan for all your borrowing as long as you're in your current house
• You can borrow up to 80% of your home's value
• Interest is only charged on the portion of the loan you actually use (without fees or interest charges on the rest)
• Each month you only need to pay the interest charged on your loan. Yet you can make principal repayments whenever you choose, of however much you choose
• You're as close as a phone to your funds. Simply call and have money transferred from you Flexi Loan to your bank account
• How you spend your money is entirely up to you
• Monthly statements will help keep you up to date with any transfers or repayments you've made as well as telling you how much credit you still have available
• You can consolidate all your borrowing into one loan rather than using a mortgage for some things, hire purchase for others and a credit card for the rest

The best idea is to talk through your choices with us. After all we've been helping people into their homes and properties since 1869.

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