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Personal Finances
Graduate Loans
| Settling
in to your first job can be a job in itself. Our borrowing facilities leave
you free to get your career off the ground. |
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| Amount available |
Purpose |
Interest |
Loanguard |
Minimum £1,000
Maximum £15,000 |
Any |
Special negotiable terms (see a Customer
Adviser for details) Interest-free also available |
Not available |
Benefits |
- Graduate Loans are
straightforward to arrange. Just speak to a Customer Adviser at your
local branch.
- You can borrow from £1,000 to £15,000,
and to keep your costs down there’s no arrangement fee.
- To make your transition period even
easier, you can choose to defer your payments for up to 9 months.
(Interest is charged during this period and added to your
later monthly repayments.)
- The amount you borrow attracts a
reduced interest rate, which is only 2.5% above the Bank's Base Rate.
- Graduates also qualify for an interest
free overdraft of up to £2,000until June 30 the year after
graduation.
- Alternatively, you can choose to pay off
your overdraft with an interest free loan of up to £2,000.
(You have up to 30 June the year after graduation to choose
this option, and you can repay the loan over a maximum of 2 years.
Interest free loan available only to repay existing Graduate overdraft)
- Graduate Mortgages - 1% discount
off the Bank's standard variable Mortgage Rate for up to 12 months and 3%
of the value of your mortgage back in cash on completion. (Maximum 95% of
the value of your home or purchase price if lower). Or see
Mortgages for details of our full range.
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For further
details about a Graduate Loan, why not contact a Customer Adviser in one of
our branches or phone us on FREEPHONE 0808 1000 148.
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| Graduate Loan Table - APR
7.9% (Variable) |
| Repayment Period |
Amount of Loan |
Monthly Payment |
Total Amount Payable |
| 12 months |
£1,000 |
11 x £92.01
+ 1 x £91.98 |
£1,104.09 |
| £2,000 |
11 x £184.01
+ 1 x £184.06 |
£2,208.17
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| 24 months |
£1,000 |
23 x £47.77
+ 1 x £47.72 |
£1,146.43 |
| £2,000 |
23 x £95.54
+ 1 x £95.54 |
£2,292.87 |
| 36 months |
£3,000 |
35 x £99.15
+ 1 x £99.26 |
£3,569.51 |
| £5,000 |
35 x £165.25
+ 1 x £165.43 |
£5,949.18 |
| 48 months |
£3,000 |
47 x £77.14
+ 1 x £77.29 |
£3,702.87 |
| £5,000 |
47 x £128.57
+ 1 x £128.63 |
£6,171.42 |
| £7,500 |
47 x £192.86
+ 1 x £192.67 |
£9,257.09 |
| £10,000 |
47 x £257.14
+ 1 x £257.27 |
£12,342.85 |
| 60 months |
£5,000 |
59 x £106.65
+ 1 x £106.60 |
£6,398.95 |
| £7,500 |
59 x £159.97
+ 1 x £160.25 |
£9,598.48 |
| £10,000 |
59 x £213.30
+ 1 x £213.19 |
£12,797.89 |
| £15,000 |
59 x £319.95
+ 1 x £324.79 |
£19,196.84 |
| 72 months |
£15,000 |
71 x £276.32
+ 1 x £275.92 |
£19,894.64 |
| 84 months |
£15,000 |
83 x £245.33
+ 1 x £245.46 |
£26,607.85 |
| The table above shows what your repayments
would be on a Graduate Loan with payments deferred for 9 months. Interest on
the Graduate loan is charged during the deferment period of the loan and is
then repaid as part of the monthly repayments. |
| Interest Free Loan Table -
APR 0% (Variable) |
| Repayment Period |
Amount of Loan |
Monthly Payment |
Total Amount Payable |
| 12 months |
£1,000 |
11 x £83.33
+ 1 x £83.37 |
£1,000 |
| £2,000 |
11 x £166.66
+ 1 x £166.74 |
£2,000 |
| 24 months |
£1,000 |
23 x £41.66
+ 1 x £41.82 |
£1,000 |
| £2,000 |
23 x £83.33
+ 1 x £83.37 |
£2,000 |
| The interest free loan has been developed to
give Graduates the opportunity to repay their overdraft, interest free, over
a longer period of time. |
| Graduate Mortgage Table |
| Discount Rate |
APR |
Net Monthly Payments |
Total Amount Payable |
Early Redemption/Switching
Charge |
| 6.74% |
8.4% |
£345.14 |
£115,801 |
4% of amount redeemed in first 4 years. |
| The typical example is based on a £50,000
capital repayment mortgage, repayable over 25 years on a property valued at
£60,000. Each case assumes there will be 300 monthly repayments, which are
quoted net of MIRAS. The offer is a 1% discount off the Bank's Variable
Mortgage Rate for 12 months. At the end of the discount period, the Bank's
Variable Mortgage Rate will apply. Mortgage Rate is currently 7.74% and at
that rate the net monthly payments would be £357.99. If the Mortgage Rate
changes, your payments will also change. The discounted rate is assumed for
the full term of the mortgage; no account has been taken of any future rate
changes. The total amount payable (and APR) includes the gross monthly
interest payments, the Bank sealing fee of £75 along with a £25 remittance
fee. There is also an estimate of £850 to cover the likely cost of a
valuation report and solicitors fees for completing the security. |
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