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Service charge loan
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About the loan
If you cannot pay your bill for major repairs you can apply for a service charge loan.
Ask about our interest free repayment plan before applying for a service charge loan which is not interest free.
This service charge loan is a mortgage on your property. You'll:
- repay it over a pre-arranged period up to 25 years
- be charged interest (the rate depends on the type of loan)
- pay an application fee
- pay a redemption fee once you've paid off your loan
You cannot take this loan to pay for day-to-day (minor) repairs and maintenance service charges.
Before applying
You should think carefully before taking out a loan. If you decide you need one you should:
- try to get it from your mortgage provider or other lender first as it may be cheaper
- consider taking out mortgage payment protection insurance to cover payments if you cannot pay
- get advice before proceeding (we do not offer advice)
You could lose your home if you do not keep up with repayments.
If you apply for a remortgage, advance, or new mortgage with another lender the mortgage provider may need more information from us.