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 5.39% to 26.3%.
Fees and introductions
All fees charged by our partner(s) will be explained in detail and confirmed in writing prior to the commencement of any loan.
Fees will only be payable where further services 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.
If your enquiry is introduced to one of our regulated partners and you choose to proceed with a loan, we may receive a commission or introducer fee. This will not affect the amount you pay under your credit agreement.
The Money Advice Centre Ltd is an Introducer Appointed Representative (IAR) of FCA-authorised and regulated firms and is listed on the Financial Services Register under reference number 1003359. We act solely as an introducer and do not provide regulated financial advice or lending services.
When we introduce you to one of our carefully selected and regulated partners, please note that you will be subject to their terms and conditions and privacy policy.
All information and services provided by The Money Advice Centre are free of charge.
Company and data protection
THE MONEY ADVICE CENTRE LTD is registered in England and Wales (Company number 14186998).
Registered Office: 7 St. Petersgate, Stockport, SK1 1EB. 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. We may contact you by post, phone, and email; however, you can opt out at any time by informing us or our partners directly.
Certain types of lending, including some buy-to-let, bridging and commercial loans, may not be regulated by the Financial Conduct Authority.
Loans secured on your home may be repossessed if you do not keep up repayments.
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