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RESPONSIBLE LENDING – ENSURING YOU REALLY CAN AFFORD THE MORTGAGE

RESPONSIBLE LENDING – ENSURING YOU REALLY CAN AFFORD THE MORTGAGE

COST CAP

There clearly was a restriction into the quantity that may be charged for the SACC however they are nevertheless very costly when compared with other loans.

  1. an establishment charge of 20% for the amount loaned
  2. A fee that is monthly of% associated with amount loaned

With a standard loan the actual quantity of interest you are charged reduces over time as you pay it back as you possibly can simply be charged interest regarding the quantity outstanding. The monthly fee applies to the whole amount originally borrowed regardless of how much you have paid back with a SACC.