Variable rate loan

A flexible loan
with a
variable rate

With this loan, the rate may vary, but the benefits don’t

Follows the market rate, so your monthly payments could fall or rise

No early repayment charges

A range of repayment options

Take a repayment holiday at the start or mid-term (conditions apply and the interest must still be paid)

This loan in detail…

Features

Variable rate of interest

If the market rate remains low or even falls, your monthly repayment will reflect that.

Variable rate of interest – in detail

What you should know

Over the life of the loan, if the base rate increases, your repayments will also increase. 

No early redemption charges

If you feel you can pay back the loan quicker, you won’t incur a penalty charge.

Borrow from £35,001 upwards

Borrow from £35,001 with no maximum upper limit. (subject to credit approval)

Need a repayment holiday?

You can take a repayment holiday at the beginning or mid-term. How flexible is that? But be aware, interest will accrue during any repayment holiday, meaning it may take longer to repay the loan and cost more in the long run.

Repayment Holidays – in detail

 

What you should know

  • During any Capital Repayment Holiday (where you take a break from paying off the principle of the loan) the interest must still be paid into a servicing account. Capital Repayment Holidays are subject to credit approval
  • You can take a mid-term repayment holiday
  • You can take a repayment holiday at the beginning of the loan term
  • You can do a tranche drawdown (take the loan in instalments) 

Terms are from 3 months to 25 years

A longer term means you can lower the repayments to suit your budget (you’ll pay more back overall though).

Benefits

Three repayment options

Choose the repayment option that suits you best.

Repayment options – in detail

Choose how you repay the loan from these three options:

  • Pay the capital (lump sum) and interest combined
  • Pay the capital only
  • Pay the interest only.

Charges

Interest rate

Your interest rate will be set just above the Royal Bank Base Rate.

Arrangement Fees

Arrangement fees may apply. It will depend on how much you want to borrow and for how long.

Security Fee

Any security fee will be charged in accordance with our Security Fee tariff/policy

Useful info about our Variable Rate Loan

No, you’re still very welcome to apply. We’ll just have to ask you a few more questions than we would if you were an existing customer.

Yes, you can take Capital Repayment Holidays at the beginning or mid-term (subject to agreement).

All assessments of eligibility for lending are done on the basis of the credit history of the individual, business owners or directors. Credit Scoring is part of the process used by banks and other lenders to help assess whether they will lend to you. 

Take a look at our Variable Rate Loan Fact Sheet here

Ready to apply

Great, thanks for choosing our Variable Rate Loan. Let's get started. Is your business turnover...

Are you an existing or new customer?

If you have a relationship manager, give them a call. If you don't have their number or are a new customer, please call the number below.

Lines are open 9am-7pm Monday to Friday and 9am-2pm on Saturdays. Calls may be recorded and call charges from residential, business and mobiles vary, depending on your telephone operator's tariff.

Business and Relationship Managers are available 9am-5pm Monday to Friday.

Are you an existing or new customer?

If you have a relationship manager, give them a call. If you don't have their number or are a new customer, please call the number below.

Lines are open 9am-5:30pm Monday to Friday. Calls may be recorded and call charges from residential, business and mobiles vary, depending on your telephone operator's tariff.

Business and Relationship Managers are available 9am-5pm Monday to Friday.

Additional support for your business

What we look for when lending money

Before approving your request for funding, we need assurance that you have the ability to repay and you can keep up payments over a period of time.

Funding your business

Funding is crucial for most businesses, as an initial cash injection is often needed. You need to think about how much money you'll need and what type of funding will suit you best. 

Cashflow and collecting money

Good cashflow management is key to keeping a business afloat. We’ve got a seven-step guide to help you keep your cashflow nice and steady.

Something else we can help you with?