Jump to content

Ecology - not using the full amount?


wbc978
 Share

Recommended Posts

Thank you! I'm finding the whole concept confusing. Say I want to borrow a max of £250k at 4% interest. The estimated monthly repayment is £1100. Do I start paying that full amount right away, even though I've only released £70k to purchase a plot of land? But I'm only charged interest on the £70k? Sorry I'm a total newbie and I've researched for weeks to figure out if we can make this work. Thanks for any help!

Link to comment
Share on other sites

7 minutes ago, wbc978 said:

Thank you! I've seriously been driving myself mad trying to figure out how it works. Everything I read is all about how to draw down funds, not how to pay them back...

Give them a call, they were happy to answer lots of my questions. I've found them to be very helpful and pleasant to deal with.

  • Like 1
Link to comment
Share on other sites

And don’t forget they often transfer the funds to you really quickly, like in a day, so only request the funding when you actually need it.  No point paying 4% interest on something that’s probably earning 1% sitting in your account.  
 

+1 re speaking to them.  I had several what if scenario question they were happy to talk them through with me, so I fully understood.  Especially as my loan was part repayment/part interest only.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...