|Open – bridge
|20 weeks (extendable
|1% payable in up to 1 Year
(No Sale – No Fee)
£298 Admin Fee
Up to 80%
|Up to 2% payable at the start||Up to
|Up to 2%
|Up to 14 days
- CHAIN FREE® is open-bridge and non-recourse finance.
- Open-bridge means there is no repayment date.
- Non-recourse means that you are not personally liable to repay our finance (Fall Back Price®).
- Bridging and mortgages are closed-bridge recourse finance (there is a repayment date and you have to pay back the finance you borrowed).
- IMPORTANT POINT: CHAIN FREE® enables you to secure your next property and you do not have to take the Fall Back Price® and you do not have to sell your house.
- See: An Example vs. bridging finance which legally commits you to take the Loan Companies finance.
- You have to sell your home if you can’t pay it back.
- CHAIN FREE® is interest-free.
- We are not interested in your financial status.
- If you have a mortgage the bank or mortgage company will want to know your financial circumstance.
- You will have to pay interest and if you don’t pay back the money you borrowed you can loose you home.
- You cannot loose your home as you do not have to pay back the Fall Back Price®.
- Only if you take the Fall Back Price® will your house be sold through the Home Owners Plan™.
- Because our finance is non-recourse we can only recover our finance from the sale of your house if you take the Fall Back Price®.
- If the Sale Price of your house is lower than the Fall Back Price® you have no personal responsibility to refund us the difference.
- IMPORTANT POINT: Bridging finance, generally not available from high street banks or major mortgage lenders can cost 9% (2% up-front fee + 5 months interest at 1% pcm + 2% Exit Fee) and is 9 times more expensive than joining the Home Owners Plan™ .