To Own 100% Of Your Home Now and Pay
Later with No Deposit! Thanks to Chameleon, this is a fantastic plan which allows you
to purchase your new home without having to pay the full purchase price of your
new home up front, and because the Chameleon “ Simplicity Home Plan ” is not a
shared ownership scheme, you own 100% of your home from day one.
* ( a second
charge will be taken over the property for the remaining 25%.) You Own 100% Of Your Home. How It
Works! Our Independent authorised financial advisers will arrange your
mortgage for the 75% of the purchase price of your new home and the vendor of
the home will provide the remaining * 25% loan for your deposit.
*( equity of
the property, not physical cash ).
You repay the loan by paying back
25% of the value of your home when you sell or transfer it or after 5
years. ( The term may differ,
dependant on the vendors criteria, but a minimum of 25% loan, and a term of no
less than 5 years will apply.)
This means if the value of your home stays the
same or falls, you will pay back the same or less than you borrow, but if the
value increases you will have to pay back more. Examples You buy your home costing £ 125,000.
The first mortgage is
for £ 93,750 ( 75% ) from your mortgage company.
The vendor will lend you £
31,250 ( 25%) through the Chameleon “ Simplicity Home Plan ”. If You Decide To Sell The Property After 5 years and the value of your home has increased to £
140,000, the amount due under the Chameleon
“ Simplicity Home Plan ” would
be £ 35,000. After 2 years and the value of your home has fallen to £
120,000, the amount due under the Chameleon
“ Simplicity Home Plan ” would
be £ 30,000. 0 % APR Typical The value of your home will be the agreed sale price assuming a
transaction between unconnected parties on the open market and at market
value.
In both examples you would have to repay any monies owing under your
first mortgage before you pay off the 25% loan from the vendor. Legal With the Chameleon “ Simplicity Home Plan ” your legal fees are
incorporated within our fees and our independent solicitors will act on your
behalf as they are familiar with the Chameleon “ Simplicity Home Plan ”.
If
you choose a solicitor who is not on our authorised panel you will have to pay
their additional fees. * Terms and conditions apply.
* All personal and property
details are totally confidential.
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