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15 year Loans

15 year loan terms are very common.

We also provide loans over 5, 10, 20 and 25 years.

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15 Year Loan Deals

A fixed rate loan deal means that your monthly payments will stay the same throughout the entire loan period whatever happens to the bank base rate.
A fixed rate loan offers a number of advantages which will make sense in certain circumstances and therefore appeal to some customers. Firstly, fixed payments will make personal financial planning easier as you will be able to work out an accurate monthly budget. Also although it can be hard to predict interest rates, particularly over such a long period, if rates do increase then you will of course be better off with a fixed rate loan.

If you are a homeowner then secured low rate loans will be available to you. A secured loan means that your property is tied in to the loan so the deal is less of a risk to the lender. This means they can offer lower interest rates. You can take advantage of this to pay off high interest credit cards, store cards or unsecured loans, or to finance other projects such as home improvements.

Extending the repayment Period

Your finance deal does not have to be restricted to a 15 year fixed rate loan. You can even extend it to 20 or 25 years whatever suits your circumstances. For example if you have 20 years left on your current mortgage then perhaps a 20 year loan would be convenient and easier to manage

People looking to borrow amounts of this size will typically be planning home improvements or looking at bill consolidation as a way to save money or ease a financial situation that is proving difficult to manage.

A fictional example is outlined below for two different interest rates for a loan of £10,000.

Repayment Period 15 years 20 years 15 years

Payments at 6% £85.80 £72.65 £65.18

Payments at 12% £122.35 £111.56 £106.24

Disclaimer

These figures are for general information and use. They do not in any way constitute a financial offer from loan lenders or recommendation for your personal circumstances.