Although our two calculators are similar, there are a couple of differences. Here is an example of how to use the Secta Advance Plan calculator.

Secta Advance Plan

Value of home: £450,000

Mortgage : £250,000

Step 1: Enter the value of your home and your outstanding mortgage into Step 1 of the Advance Plan calculator and it will estimate the maximum amount you could borrow with this type of plan.

In this case the maximum is £200,000.

Step 2: So, in this example, even though you have the potential to borrow up to £200,000, you might want to know how much it might cost to borrow say, £75,000, with the repayments to be made over  15 years.

On Step 2 of the calculator, enter the amount you want to borrow under “Facility amount” (in this case £75,000) and how many years you want to repay it over under “Repayment period” (in this case 15 years).

You will see that the monthly repayments will be about £574 per month for 15 years. As with the Secta Flexiplan, the longer the repayment period the lower the monthly repayments. Don’t forget that whatever you decide, you can always repay the loan early (without penalty) if you choose.