- What fees do you charge?
- For all loans, ask about application fees and other charges such as a low equity fee.
- For fixed-interest loans, ask what fees apply if you increase repayments, make lump sum repayments, or repay the whole loan early.
- What will be the total cost of this loan, including fees and interest, for the sum I am borrowing and the term I have chosen?
The lender will have to assume about interest rates to do this calculation. But it will show how much you will pay back in total.
(Note that the lender is required to disclose the fees and interest separately.)
Also, ask for the total regular payment in a year if the interest rate were to be 1% higher than now. That will give you some idea of the risk if rates rise.