Our Homeowner Loan rates start at 5.99% variable
- Representative 7.9% 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.
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.
Representative Example for second charge mortgages UK: based on borrowing £18,000 over 120 months. Interest Rate: 5.5% fixed for 60 months with instalments of £213.33. Followed by 60 months at the lenders standard variable rate of 5.7% with instalments of £214.36. Fees: Broker fee (£1,062); Lender fee (£595). Total amount payable £25,756.4 comprised of; loan amount (£18,000); interest (£6,004.4) including broker fee and lender fee. Overall cost of comparison 7.902% APRC. This means 51% or more of our clients receives this rate or better for this type of product. We have arranged borrowing with rates from 3.4% to 29% APRC which has allowed us to help customers with a range of credit profiles. We are a broker not a lender.
Second charge mortgages have a minimum term of 36 months to a maximum term of 360 months. Maximum APRC charged 29%. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.