FAQS

How long does it take?

Each customer’s requirements are different and so the time taken will also be different. We aim to complete your loan 2 -3 weeks after you’ve told us you want to go ahead. You will be given a dedicated Case Manager who will be with you every step of the way and you’ll be able to track the progress of your loan 24/7 via www.myfluent.co.uk or our Smartphone App.

What is an APRC?

APRC stands for Annual Percentage Rate of charge and is used on lending such as credit cards, loans and mortgages. The purpose of an APRC is to show the total cost of borrowing over the period of a year and as well as interest, the figure includes upfront fees and charges. This makes it easier to compare deals like for like. However, the APRC calculation itself is incredibly complex and even those who understand the mathematics of finance sometimes struggle to understand exactly what it means. APRC is dependent on the time period for which the loan is calculated. That is, the APRC for one loan with a 20 year loan term cannot be compared to the APRC for another loan with a 15 year loan term. So when comparing two loans, you should not rely on the APRC alone, except if the loan term and amount are exactly the same. We think that the most important thing to consider when comparing loans is the monthly repayment, but you should also look at other things like default charges and the way in which interest is calculated. These comparisons can be very complex and if you need any help doing it, we’ll be happy to help you, free of charge.

What is Loan to Value (LTV)?

Usually associated with mortgages and expressed as a percentage, this is the loan amount in relation to the value of the property it is secured against. For example, someone wanting a £90,000 mortgage to purchase a £100,000 house would be borrowing 90% LTV.

What is a variable Rate?

A variable rate is an interest rate that can fluctuate in the future and may be is generally cheaper than a fixed rate. Lenders sometimes link their variable rates to other rates such as the Bank of England Base Rate or LIBOR. Movements in these rates would affect the rate charged on your loan. If a lender doesn’t link their rate to anything, then they don’t have to increase your rate if base rates go up, but they also don’t have to reduce their rates if base rates go down.