Our typical rate for CHAIN MENDER® is 18.7% 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 Provisional Price™ we have to show the APR.
The APR means Annual Percentage Rate.
The APR is the difference between the Provisional Price™ (if you decide to take it from Albani), the Administration Fee and the Surveyors Valuation (the ‘Margin’) that the CCA oblige us to express as a percentage of the Provisional Price™.
The APR takes no account of your 85% Profit Share.
IMPORTANT POINT: Even though your home can not be repossessed, because repayment of the Provisional Price™ only arises on the sale of your house, we have 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 Provisional Price™ will range from £81,000 to £450,000.
No advance payment is required.
Rates from 18.3% to 21.4% APR.
The Provisional Price™ is repayable in one amount.
The Provisional Price™ is repayable only from the sale proceeds of your property.
IMPORTANT POINT: You have no personal responsibility whatsoever to repay the Provisional Price™.
There is an Administration Fee payable to Albani of £340
You will pay no Additional Fees if you voluntarily repay the Provisional Price™ to Albani before your house is sold.