FAQs: Secta Flexiplan
The maximum amount you can borrow will depend on your circumstances - the equity in your home, your household income, and other factors. Our online calculator tool will be able to provide you with an indication of how much you can borrow, estimating the maximum loan.
You are not obliged to borrow the maximum, however, so estimate what you think you might need over the schooling period. Remember, you only pay interest on the amount you actually drawdown – not the entire amount you have applied for.
If the calculator doesn’t offer you the funds you need, take a look at the Secta Advance Plan. Although you won’t have the same flexibility, you can borrow up to 100% of the equity in your home on the Advance Plan and this may boost the lending figure to better match your needs.
A Secta Flexiplan is flexible and enables you to adjust the repayment term to suit your circumstances. The longer the term you choose, the lower your monthly repayments will be (subject to a minimum). The maximum period for repayment is 30 years, but the actual term you choose is entirely your choice.
No. When applying for a Secta Flexiplan, most parents will estimate the maximum they might need over the next five to ten years. Once approved, the funds in your plan will be available to you until you have reached the limit of your plan. You can access your Secta Flexiplan at any time and drawdown as much as you need without having to complete any further applications.
Yes - Secta Flexiplan offers complete flexibility in the first 5 years. Any amount of funds can be drawn down at any time up to your total - or you can overpay, or even pay off the loan if you wish. If you require more funds than the total applied for, contact us for refinance options.
These are two completely separate things. The amount that you apply for is the overall amount that you have estimated that you might need over the period of your children’s education. Let’s say for the moment that you apply for £60,000. If your application is approved you will receive a Secta Flexiplan that makes funds of up to £60,000 available to you at any time over the term.
Now, although you might have £60,000 available to call upon, you may decide you only need to drawdown say £5,000 or £10,000 to start with - and this is the drawdown amount you will pay interest on. It means you’re only paying for funds you use, and not the full £60,000 (unless of course you decide to drawdown the full £60,000). As you draw down more funds over the period of your children’s education, the amount you pay interest on will grow too - but still only on the money actually spent.
Unfortunately, we are only able to offer finance plans to homeowners with equity in their property. However, if you own property but do not currently live there, we can offer you a product.
Your first payment will be deducted from your nominated bank account one month after you make the first drawdown from your finance plan.
You are responsible for paying the school fees. Secta Flexiplan enables you to drawdown the amount you require in time to pay the school fees as they are due.
It is best to apply as soon as possible so that we can get an agreement in place and make sure your funds are available as soon as you need them. You will not be liable for any interest or repayments until you drawdown from your finance plan, so early arrangement is best. It takes around 4-6 weeks to set up the plan and make funds available so make sure you leave plenty of time between beginning the process and the first term’s fees being due. If your child is due to start in September, we advise you get in touch by June at the latest.
Yes; you can repay your loan partially or in full at any time, and there may be a reduction in the amount of interest you have to pay. You will not be charged any early repayment fees.
We are currently unable to offer deferred payment facilities or payment holidays. If you find yourself in financial difficulty you must contact your lender directly.