Common use of INTEREST-ONLY REPAYMENT VEHICLE Clause in Contracts

INTEREST-ONLY REPAYMENT VEHICLE. Only the following repayment vehicles are acceptable for new interest-only mortgages: • Sale of the mortgaged property – subject to minimum equity of £250,000 at maturity and completion of a sale of property declaration form. • Investment vehicles established for at least 12 months e.g. endowment; stocks & shares ISA. Where an interest-only repayment vehicle does not conform, for existing borrowers moving home borrowing the same or less can use their existing repayment vehicle for the interest-only loan part of a new mortgage under transitional arrangements subject to, inter alia, a check of the repayment vehicle, remedial action for any shortfall identified, and no increase in their overall lending or existing interest-only loan amounts or other material risk.

INTEREST-ONLY REPAYMENT VEHICLE. Only the following repayment vehicles are acceptable for new interest-only mortgages: •  Sale of the mortgaged property – subject to minimum equity of £250,000 at maturity 150,000 and completion of a sale of property declaration form. •  Investment vehicles established for at least 12 months e.g. endowment; stocks & shares ISA. Where an interest-only repayment vehicle does not conform, for existing borrowers moving home borrowing the same or less can use their existing repayment vehicle for the interest-only loan part of a new mortgage under transitional arrangements subject to, inter alia, a check of the repayment vehicle, remedial action for any shortfall identified, and no increase in their overall lending or existing interest-only loan amounts or other material risk.

INTEREST-ONLY REPAYMENT VEHICLE. Only the following repayment vehicles are acceptable for new interest-only mortgages: •  Sale of the mortgaged property – subject to minimum equity of £250,000 at maturity and completion of a sale of property declaration form. •  Investment vehicles established for at least 12 months e.g. endowment; stocks & shares ISA. Where an interest-only repayment vehicle does not conform, for existing borrowers moving home borrowing the same or less can use their existing repayment vehicle for the interest-only loan part of a new mortgage under transitional arrangements subject to, inter alia, a check of the repayment vehicle, remedial action for any shortfall identified, and no increase in their overall lending or existing interest-only loan amounts or other material risk.

INTEREST-ONLY REPAYMENT VEHICLE. Only the following repayment vehicles are acceptable for new interest-only mortgages: • Sale of the mortgaged property – subject to minimum equity of £250,000 150,000 at maturity and completion of a sale of property declaration form. • Investment vehicles established for at least 12 months e.g. endowment; stocks & shares ISA. Where an interest-only repayment vehicle does not conform, for existing borrowers moving home borrowing the same or less can use their existing repayment vehicle for the interest-only loan part of a new mortgage under transitional arrangements subject to, inter alia, a check of the repayment vehicle, remedial action for any shortfall identified, and no increase in their overall lending or existing interest-only loan amounts or other material risk.

INTEREST-ONLY REPAYMENT VEHICLE. Only the following repayment vehicles are acceptable for new interest-only mortgages: • Sale of the mortgaged property – subject to minimum equity of £250,000 300,000 at maturity and completion of a sale of property declaration form. • Investment vehicles established for at least 12 months e.g. endowment; stocks & shares ISA. Where an interest-only repayment vehicle does not conform, for existing borrowers moving home borrowing the same or less can use their existing repayment vehicle for the interest-only loan part of a new mortgage under transitional arrangements subject to, inter alia, a check of the repayment vehicle, remedial action for any shortfall identified, and no increase in their overall lending or existing interest-only loan amounts or other material risk.