MORTGAGE PLAN

60% of the purchase price is to be paid within one year or up to concrete stage, whichever is soonest. The remainder 40% is then paid in monthly instalments. The mortgage is available to all prospective purchasers for up to 40% of the purchase price over a maximum period of five years. Current interest is set at a variable rate of 10% this is applied to each year of the mortgage period.

EXAMPLE OVER A FIVE YEAR PERIOD:

Amount borrowed £30,000.00
Interest at 10% £15,000.00

Total amount repayable £45,000.00

Monthly repayment = £ 750.00

SUGGESTIONS FOR REDUCING YOUR MONTHLY REPAYMENTS

There are two ways that you may wish to consider in reducing your mortgage repayments examples based on three bedroom apartments.

• The first option is for a short term holiday let, expected rental income based on current market rates – £300 – £350.00 per week.

• The second option is for a long term let (i.e 6 months +), expected rental income based on current market rates – £400.00 minimum per month.

For further information about the mortgage plan available for this project please contact your estate agent. Alternatively if you are interested in taking out a mortgage please request an application form.