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RESPONSIBLE LENDING – MAKING CERTAIN IT IS POSSIBLE TO AFFORD THE MORTGAGE

RESPONSIBLE LENDING – MAKING CERTAIN IT IS POSSIBLE TO AFFORD THE MORTGAGE

COST CAP

There is certainly a restriction to your quantity that may be charged for a SACC however they are nevertheless very costly when compared with other loans.

  1. an establishment cost of 20% for the amount loaned
  2. a month-to-month cost of 4% of this amount loaned

With a standard loan the total amount of interest you are charged reduces over time as you repay as you possibly can only be charged interest from the amount outstanding.