CHAIN FREE®

APR?

  • APR means Annual Percentage Rate.
  • Our typical rate for CHAIN FREE® is 12.1% APR (Option: 1).
  • 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® (if you decide to take it from Albani), the Administration Fee, the Fee (Option: 1) of 1% of the Fall Back Price® (minimum £1980) and the Surveyors Valuation (the ‘Margin’) that the CCA oblige us to express as a percentage of the Fall Back Price®.
  • The APR takes no account of Your 80% Profit Share.
  • IMPORTANT POINT: Even though your home 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.”

Additional Information

  • The Fall Back Price® will range from £81,000 to £450,000 (Option: 1) or from £76,500 to £425,000 (Option: 2).
  • 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 property 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 £298 (Option: 1) or £121 (Option: 2).
  • You will pay no Additional Fees if you voluntarily repay the Fall Back Price® to Albani before your house is sold through the Plan.