When Would You Use A Loan From Central Trust?
Central Trust focus on homeowner loans, meaning that you must have ownership of the property and be willing to use it as security to be eligible. The smaller amounts of £3,000 and £50,000 can be used for purchasing a new car, a wedding or ideally refurbishing your home, kitchen or bathroom. It is unlikely that you are going to risk your entire home for the sake of £3,000 unless it were an emergency or perhaps you have a less than perfect credit history.
A more common reason for a loan from Central Trust is to help move from one home to another. This is a common use for a bridging loan whereby you cannot sell your existing home but want to use the funds from the one to purchase another, better home. Using a homeowner loan from Central Trust, you are able to borrow up to £250,000 to put towards your new home and once your have repaid your previous property, you can pay off your loan. Simple.
Terms of The Loan
Below is a representative repayment example from their website. This shows that there is a fixed rate of repayment and also an initial introductory fee which is considered an ‘administration fee.’ This fee is usually required to pay for the valuation of your property and manage any potential solicitor fees and paperwork that is involved. The typical administration fees are around 1%.
Since it is not technically a bridging product, the fees are calculated closer to a secured loan with a representative APRC of 12.9%. The APRC (Annual Percentage Rate of Charge) is the total cost to the customer provided that they keep their mortgage product and same provider for the entire loan term and the rate remains fixed (which it does in this case). ,
In terms of repayments, it is possible to fix these for as many years as you would like, whether it is for 3,5,7 or 10 years. This means that the interest rate charged will remain the same and not move, unlike a variable interest rate.
You also have the option to make overpayments which means that you pay more each month than required and this can also be in the form of a one-off lump sum if you want to clear your debts. This will mean paying less overall because your loan is open for less time and being able to close your account sooner than expected. You can also repay early at any point. You are given a settlement figure which lasts for 28 days before a new quote will be offered – plus there may be an early repayment charge if you wish to repay before a certain date.
How To Apply With Central Trust
To get a quote from Central Trust, you can send us an email or complete the quote form above. This will send your enquiry to our financial partners at Brightstar Financial. They have decades of experience in the homeowner and bridging industry and they will be able to prepare your loan application for Central Trust or if you are not eligible, recommend a similar and affordable product. We are passionate about helping you find the most effective finance whether you are looking to move home, renovate an existing property or build-up a new plot of land.
Central Trust explain that you can apply with them by doing the following:
- Completing a simple form
- Provide your requirements and why you are applying for finance
- Complete the loan paperwork and support any necessary documents.
- If successful, funds can be transferred within 2 to 3 weeks of applying.
To provide the most accurate quote possible, additional information including credit checks, property valuations and proof of income may be requested.
Central Trust Company Information
Address: Cassiobury House, 11-19 Station Road, Watford, Hertfordshire, WD17 1AP
Countries they operate: England, Scotland and Wales.
Member of: Finance & Leasing Association
Company no: 07020381
FCA authorisation number: 739724