The Cost

Normally, you will be charged a set interest rate, which is referred to as a “percentage per month”.

For example; if you borrowed £100,000 at 1.5% interest per month, the loan will cost you £1500 per month interest.

Repayment
Repayment is usually in the form of a lump sum when you sell your property, you normally only pay the interest monthly.

The period
The loan period is usually weeks up to 6 months, although longer terms can be negotiated.

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