FAQs: General

That is a difficult question to answer as, in most cases, it depends on a number of factors: How much you might want to borrow, compared to the equity (i.e. value of home - outstanding mortgage) in your home; and whether you would prefer to drawdown the entire loan up front, or whether you would prefer to have the loan available so that you can drawdown from it when you choose. The simplest way to assess it is to go to Step 1 of the Secta Flexiplan calculator and enter the value of your home and your outstanding mortgage. The calculator will then estimate the maximum loan that might be available to you with a Secta Flexiplan. If the amount shown on the calculator is sufficient for your requirements then it really comes down to whether or not you would like all of the funds upfront or whether you prefer the flexible drawdown. If you would like to borrow more than the amount shown on the Secta Flexiplan calculator, enter the same figures again on the Secta Advance Plan calculator. This is likely to show a greater maximum loan available to you. The reason for the difference comes down to the number of lenders offering each type of finance plan and the different criteria they use for each one. By and large, if the maximum on the Secta Flexiplan is sufficient for your needs, then this plan will offer you more flexibility and you will only pay interest on the amounts of the loan you actually drawdown.

For some people, a remortgage can offer a sensible solution, but for many it can be an expensive option. Our finance plans can sit alongside your existing mortgage to provide a simple, affordable option to pay school fees. Secta Flexiplan offers a key advantage over a remortgage as it gives you peace of mind that there is a facility in place to cover the school fees; you can drawdown from it when you need to, and you only pay interest on the amount you actually drawdown. As we are authorised by the FCA to give professional and impartial advice, we will consider the best option for you (including a remortgage) before making a recommendation. If a re-mortgage is the most suitable option we can search the whole of market to find the best product for you.

Please complete an Enquiry Form. We will then contact you to discuss the next steps.

To be eligible for a loan you must:

  • be a permanent resident of England, Wales or Scotland
  • have lived in the UK for at least three years
  • be a homeowner with equity in your home
  • be aged between 18 and 74 and won’t be 75 or over at the end of the loan term
  • be in employment, self-employed, or retired and have an annual income of at least £20,000 (If you are self-employed please see below)
  • not have had any County Court Judgements (CCJs) awarded against you in the last three years
  • not have been declared bankrupt, had any Debt Relief Orders or gone through Individual Voluntary Arrangements in the last 6 years

You may apply if you are:

  • Self-employed, or
  • A company director owning more than 20% of the share capital, or
  • Using rental income to support your application.

We aim to give you an indicative quote immediately on enquiry. A decision in principle can be obtained within 48 hours of completing the full application. However to complete the application takes a few weeks due to the administration of the loan and communication with the first charge mortgage lender. We will complete this work on your behalf but please allow enough time for us to complete this before the termly payment is due.

One of our advisors will be in touch with you to explain more about the finance plans and the application process.

Unfortunately, we are only able to offer finance plans to homeowners who have equity in their property.

We will need:

  • Some personal details
  • Your UK bank account details
  • Your home addresses for the last three years
  • The estimated value of your property
  • The value of any outstanding mortgage on your property
  • Details of your gross annual income (minimum £20,000 per annum)
  • Your employer’s details (if you are employed)

The APR you're quoted may vary from the advertised rate as your personalised quote is based on your current individual circumstances and the amount you choose to borrow.

The equity in your home is the amount of your home that you actually own. For most people, it is the value of their home less any outstanding mortgage.

A secured loan is a type of loan in which the borrower pledges an asset (often their home) as security for the repayment of a loan. These type of loans are much less risky for lenders, so lenders are generally more willing to make larger loans at much lower interest rates and over longer terms than they would with unsecured loans. A mortgage is a form of secured loan, e.g. if you do not repay your mortgage, the mortgage provider can repossess your home.

Your credit score will not be affected by an initial enquiry or by requesting an indicative quote.