CHAIN FREE®

What is CHAIN FREE®?

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  • CHAIN FREE® is a 20 week chain-avoiding insurance type arrangement available through the Home Owners Plan™ that will make you a CASH BUYER
  • Sellers Conundrum
  • IMPORTANT POINT: Your house must not have been “Added on” Rightmove for sale for more than 10 weeks (ask your Estate Agents when you can join the Plan)
    • Give your Estate Agents time to sell and use CHAIN FREE® only when you have to be a Cash Buyer and can’t wait to sell your house for your Asking Price
    • We do not buy your house which you never have to sell for less than Market Value
      See: Treating Customers Fairly
  • For 20 weeks you can say you are a Cash Buyer up to our finance (Fall Back Price®)
    • The maximum Fall Back Price® will be 90% RICS Surveyors Valuation of the house you are selling
    • You can take the Fall Back Price® on 5 days notice
    • IMPORTANT POINT: Most home owners will use CHAIN FREE® (available through the Home Owners Plan™) to buy their next house for the best price and will not need to take the Fall Back Price® because their Estate Agents will have sold their old house for more. See: An Example
  • The Fall Back Price® is:
    • Non-recourse (unlike a mortgage you have no legal commitment to repay the Fall Back Price® / we can only recover our finance from the sale of your house)
    • Open-bridge (no fixed repayment date which obliges you to re-pay by a specific date)
    • Non-status (we are not interested in your financial circumstances)
    • Interest-free
    • See: Benefits
ANY LOAN WILL BE SECURED BY A CHARGE OVER THE PROPERTY YOU ARE SELLING. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.