- APR means Annual Percentage Rate.
- Our typical rate for CHAIN FREE® is 12.1% APR (Option 1: Fall Back Price® 90% RICS Surveyors Valuation).
- Albani are required by the Consumer Credit Act (‘CCA’) legislation to include specific warnings.
- Although there is no interest applicable to the Fall Back Price® we have to show the APR.
- The APR is the difference between the Fall Back Price® 90% RICS Surveyors Valuation (if you decide to take it from Albani), the Administration Fee of £340, the Fee of 1% of the Fall Back Price® (minimum £1,980) and the RICS Surveyors Valuation (the ‘Margin’) that the CCA oblige us to express as a percentage of the Fall Back Price®.
- IMPORTANT POINT: Even though your house can not be repossessed, because repayment of the Fall Back Price® only arises on the sale of your house, the Consumer Credit Act 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.”
- The Fall Back Price® will range from £81,000 to £450,000 (Option 1).
- No advance payment is required.
- Rates from 11.7% to 14.4% APR.
- The Fall Back Price® is repayable in one amount.
- The Fall Back Price® is repayable only from the sale proceeds of your house through the Plan.
- IMPORTANT POINT: You have no personal responsibility whatsoever to repay the Fall Back Price®.
- There is an Administration Fee payable to Albani of £340.
- You will pay no Additional Fees if you voluntarily repay the Fall Back Price® to Albani before your house is sold through the Plan.