Ulster Variable Rate Business Term Loan

The Variable Rate Loan (VRL) is both a CCA & non-CCA regulated lending product (dependant on value), which is available to eligible Business Banking and Commercial Banking customers (SME customers with connections >£250k). The loan can be either secured or unsecured, with borrowing from £1,000, and a term between 3 month to 25 years. Loans of up to £25,000 provided to Sole Traders and Simple Partnerships are regulated under the Consumer Credit Act (CCA). The product is designed for customers who are comfortable with interest rate fluctuations and do not require the certainty of fixed repayments. The interest rate is variable and will increase or decrease in line with movements in the applicable base rate. Ulster Bank Northern Ireland (UBNI) customers can register their interest by completing an Expression of Interest (EOI) form available through the bank's website. There are no Early Repayment Charges (ERCs) applicable to this product. The product supports Capital Repayment Holidays (CRHs) of up to 12 months, which must be taken within the first 12 months of the loan term. A feeder account is not required. However, all Variable Rate Loans must be opened on VARS, with repayments collected by Direct Debit. Pricing is variable and therefore may change throughout the life of the loan in line with movements in the applicable reference rate.