Borrow on the surrender value of your life policy
Policy Loans Interest Rates
Monthly interest is based on a rate of 3.00% above Bank of England base rate, currently 0.50% variable, giving a current rate of 3.50% per annum, equivalent to an Annual Percentage Rate (APR) of 3.6%. The tables below outline your monthly payments for a range of loan amounts.
A. Fixed Term
(Principal + Interest Payments)
| 24 Monthly payments | 36 Monthly payments | 48 Monthly payments | 60 Monthly payments | |||||
|---|---|---|---|---|---|---|---|---|
| Amount of Loan £ | Monthly Payment | Total Payment | Monthly Payment | Total Payment | Monthly Payment | Total Payment | Monthly Payment | Total Payment |
| 1,000 | 43.20 | 1042.20 | 29.30 | 1062.86 | 22.36 | 1083.79 | 18.19 | 1104.99 |
| 2,000 | 86.40 | 2073.60 | 58.60 | 2109.60 | 44.72 | 2146.56 | 36.38 | 2182.80 |
| 3,000 | 129.60 | 3110.40 | 87.90 | 3164.40 | 67.08 | 3219.84 | 54.57 | 3274.20 |
| 4,000 | 172.80 | 4147.20 | 117.20 | 4219.20 | 89.44 | 4293.12 | 72.76 | 4365.60 |
| 5,000 | 216.00 | 5184.00 | 146.50 | 5274.00 | 111.80 | 5366.40 | 90.95 | 5457.00 |
| 10,000 | 432.00 | 10368.00 | 293.00 | 10548.00 | 223.60 | 10732.80 | 181.90 | 10914.00 |
| 15,000 | 648.00 | 15552.00 | 439.50 | 15822.00 | 335.40 | 16099.20 | 272.85 | 16371.00 |
| 25,000 | 1080.00 | 25920.00 | 732.50 | 26370.00 | 559.00 | 26832.00 | 454.75 | 27285.00 |
| 50,000 | 2160.00 | 51840.00 | 1465.00 | 52740.00 | 1118.00 | 53664.00 | 909.50 | 54570.00 |
B. Interest only
(Interest)
| Amount of Loan £ | Monthly Payments |
|---|---|
| 1,000 | 2.92 |
| 2,000 | 5.84 |
| 3,000 | 8.76 |
| 4,000 | 11.68 |
| 5,000 | 14.60 |
| 10,000 | 29.20 |
| 15,000 | 43.80 |
| 25,000 | 73.00 |
| 50,000 | 146.00 |
C. Flexible Payments
(Calculated as a Percentage of the Agreed Limit)
| Amount of Loan £ | Monthly Payments - Optional | ||
|---|---|---|---|
| 2% | 3% | 5% | |
| 1,000 | 20.00 | 30.00 | 50.00 |
| 2,000 | 40.00 | 60.00 | 100.00 |
| 3,000 | 60.00 | 90.00 | 150.00 |
| 4,000 | 80.00 | 120.00 | 200.00 |
| 5,000 | 100.00 | 150.00 | 250.00 |
| 10,000 | 200.00 | 300.00 | 500.00 |
| 15,000 | 300.00 | 450.00 | 750.00 |
| 25,000 | 500.00 | 750.00 | 1250.00 |
| 50,000 | 1000.00 | 1500.00 | 2500.00 |
Definitions
APR – Annual Percentage Rate. This is the total charge for credit expressed as an annual rate. It is a standard way of illustrating how much the loan will cost on an annual basis.