CHAIN MENDER®

What is CHAIN MENDER®?

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  • CHAIN MENDER® is a 4 week chain-mending solution that will make you a FAST MOVER
  • Movers Conundrum
  • IMPORTANT POINT: Your solicitors must be holding a current contract for the property you want to move into (ask your solicitors to confirm this)
    • Give your Estate Agents time to sell for your Asking Price and use CHAIN MENDER® only when you have to be a Fast Mover and your solicitors can’t delay exchanging contracts on your next home
    • We do not buy your house which you never have to sell for less than Market Value
      See: Treating Customers Fairly
  • For 4 weeks you will be a Fast Mover up to our finance (Provisional Price™)
    • The maximum Provisional Price™ will be 85% RICS Surveyors Valuation of the house you are selling
    • You can take the Provisional Price™ on 5 days notice
    • IMPORTANT POINT: If you take the Provisional Price™ and the Sale Price of your house is more than Valuation you will receive 85% of the difference between Sale Price and Valuation (85% Profit Share)
  • The Provisional Price™ is:
    • Non-recourse (unlike a mortgage you have no legal commitment to repay our finance / 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.