Our Homeowner Loan rates start at 6.7% variable
- Representative 11.3% APRC variable.
- The interest rate you pay for your Secured Loan depends on your individual circumstances, such as your income or how much equity you have in your property.
- You will be told the APRC when we provide you with a Secured Loan Illustration, which is before we send you a Mortgage Offer .
- Our interest rate can be fixed or variable over the loan term.
Representative example: if you borrow £34,480 over 10 years , initially on a fixed rate for 5 years at 7.60% and for the remaining 5 years on the lenders standard variable rate of 8.10%, you will make 60 monthly payments of £467.50 and 60 monthly payments of £473.06. The total repayable would be £56,528.60 ( This includes a lender fee of £595 and a broker fee of £4137). The overall cost for comparison is 11.3% APRC representative. Maximum APR 36.6%
Annual Percentage Rate
The Annual Percentage Rate of Charge (APRC) is the legally required comparison for mortgages.
Watch out for flat interest rate loans!
Some lenders charge a flat interest rate on the original amount borrowed, no matter what’s been repaid. In contrast, an APRC is the rate charged on the outstanding debt, which normally falls over time. So while a flat interest rate of 10% may sound cheap it is roughly equivalent to an APRC of 20%.
Always check what the APRC is.
Arrow Loans only quotes APRCs.