Albani is not a mortgage lender, does not lend money and does not charge interest
A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve been lent plus interest
We do not lend you money because you have no legal obligation to pay us back
we can only recover our finance from the sale of your house*
the Drawdown Documents include a Sale Contract (our Legal Department will add the buyers name) and Transfer for you to sign so if you take our finance we can sell your house to recoup our finance
* when you take our finance (CHAIN FREE® Fall Back Price® and CHAIN MENDER® Provisional Price™) you must contemporaneously give us vacant possession and pay off any outstanding mortgages (which you can do with our finance)
although our finance is interest-free the Consumer Rights Act (CRA) requires us show the Annual Percentage Rate (APR): even though our legal documents say you do not have to repay our finance the CRA requires us to say that “your home may be repossessed if you do not keep up repayments on a Loan or on any other debt secured on it.”
Albani:
Has Standard Industrial Classification (SIC) code: 64999 – Financial intermediation not elsewhere classified
Conducts its business using the latest electronic technology and AI (except for answering customer questions See: Contact Us)
Uses cloud-based systems to interface paper-free with customers, their solicitors, agents and other stakeholders
Documents (including the Plan T&Cs) can be signed electronically subject to HM Land Registry conditions
Provides home owners with
CHAIN FREE® a chain-avoiding insurance type arrangement available through the Home Owners Plan™
CHAIN MENDER® a chain-mending solution
Subject to the home owner signing our Offer Documents, Albani will provide the home owner selecting
CHAIN FREE® with the offer of finance (Fall Back Price®)
CHAIN MENDER® with the offer of finance (Provisional Price™) + profit share
Subject to the home owner’s solicitor serving Albani with Drawdown Documents, Albani will within 5 days provide the home owner with
Fall Back Price® or
Provisional Price™ and Profit Share (the profit share will be sent to the home owner’s solicitors within 5 days from the date sale contracts are completed)
When the home owner takes the Fall Back Price® or Provisional Price™ (which they can use to pay off their mortgage) their house must be
