Yes. Loan overpayments can be made in full or in part, but remember break costs apply to fixed rate and fixed to variable rate business loans over £25,000 that are settled early in full or in part in the fixed rate period.
If you pay in part, your payments will be used to reduce the balance of the loan. You will have the option of reducing the number of repayments or reducing your regular repayment amount.
If you tell us you’d like to repay your loan in full, we’ll send you a settlement balance. This is the amount you’ll need to pay to close your loan.
After the loan is settled in full, you won’t be charged any further interest after settlement.
If you’d like to repay your loan early, or if you want to refinance your existing loan, please give us a call on 0345 835 3858. We’re here 8am to 6pm Monday to Friday, and 9am to 2pm on Saturdays.
Remember, if you open a new business loan to refinance an existing one, an arrangement fee would apply.