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

Secta Flexiplan

Value of home: £450,000

Mortgage: £200,000

Step 1: If you enter the value of your home and the outstanding mortgage the calculator will estimate the maximum amount you could borrow with a Secta Flexiplan. In this case the maximum is £138,000.

Step 2: Although the maximum available to you on a Secta Flexiplan might be £138,000 you might only want a facility available of, say £50,000 or £75,000 etc. Let’s say you wanted a facility of £75,000 available.

On Step 2 of the calculator type in £75,000 under “Facility amount” .

Under the “Repayment period” you can enter the number of years you might want to repay it over and you will see how this changes the monthly repayments. The longer the repayment period, the lower the monthly repayments. Don’t forget that whatever you decide, you can always repay early (without penalty).

Let’s say you enter 10 years. If you borrowed £75,000 over ten years and decided to take the entire loan on day one then the repayments would be about £777 per month for 10 years.

Step 3: However, a major advantage of the Secta Flexiplan is that even though you might have £75,000 available, you might not want to draw it down until you need it. So, let’s say you just you estimate the amounts you might like to drawdown from time to time. How would this affect your monthly repayments?

On Step 3 of the calculator enter the amount you might like to drawdown in the middle (turquoise) column. This will show you how the monthly repayments change:

In this example, your monthly repayments would start at £124 per month and increase to £743 in year 5. They would remain at £743 per month for the remainder of the term or until the loan is repaid.

To reduce your monthly repayments, increase the number of years you have entered in the “Repayment period”.