Calculating what you can afford to borrow using a secured loan

If you`re considering borrowing money, you want as many facts as possible first so you may want to consult a secured loans calculator before you make any decisions.

Borrowing money is always a big decision and perhaps even more so when you take out a secured loan.

Our secured loans calculator enables you to see payments on amounts from £3000 to £100,000 so you`ll have a good idea about how much you`ll be paying back each month.

You`re able to do this with a secured loans calculator without committing to any loans, so you can play about with it to your heart`s content - change the amount you want to borrow up or down until you get to a repayment level you`re happy with or alter the repayments term longer or shorter to see how much you can afford to borrow.

You can also use a secured loans calculator to play about with the desired APR rate, which is how much interest you`ll pay.

That way, when you get offered a loan, you`ll have a good idea about how the interest rate will affect your repayments.

If you`re planning on using the homeowner loan to reduce your outgoings through debt consolidation, you`ll want the calculator to show you a payment that`s lower than the amount you`re paying now, although bear in mind that if you keep the loan for the whole term, you could pay more in interest.

Once you have used the secured loans calculator or are read to find out what your specific payments would be without obligation, call the finance experts at First Choice Finance from a landline on 0800 298 3000, using a mobile call 0333 0031505 or fill in the short on line form.

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE) First Choice are tied to certain unsecured lenders.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on immovable property.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.