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Is there a charge if I repay early?

Hopefully No but it’s dependent on the lender and how aware your broker is of the market. All lenders have a minimum term which is usually one or three months, although we have seen a minority at six. No matter how early you repay the loan you will always pay the minimum term.

However some lenders, although we don’t deal with these, will take interest for the duration of the loan even if it is repaid early. Not very nice.

For example you take out a nine-month loan and repay after three, the lender will still take nine months interest.

Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.