Common use of Term of Loan Clause in Contracts

Term of Loan. There is no minimum term on home purchase Loans and the maximum term is 40 years for all loans. A repayment period for a new Further Advance that would extend beyond the term of the original advance may also be accepted at the Seller's discretion, subject to the following: (a) the consent of any subsequent lender or guarantor to the Further Advance; (b) the Seller may in its discretion extend the period of the original advance, provided that, in all leasehold cases, not less than 30 years of the lease must be left unexpired at the end of the term of the Mortgage; and (c) the approval of the valuer where the valuer has previously recommended a term which is shorter than the maximum Loan terms referred to above. If a Borrower requests to increase the term of the existing Loan, the maximum term for a repayment Loan is 25 years from the date from which the extended term is granted. However, the total term from the start date of the account must not exceed 40 years. If a Borrower or guarantor is already retired or a mortgage term is requested that will take the Borrower/guarantor's term beyond the anticipated retirement age, specific procedures must be followed by the Seller.

Appears in 7 contracts

Samples: Mortgage Sale Agreement (Permanent Mortgages Trustee LTD), Mortgage Sale Agreement (Permanent Mortgages Trustee LTD), Mortgage Sale Agreement (Permanent Mortgages Trustee LTD)

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Term of Loan. There is no minimum term on home purchase Loans and the maximum term is 40 years for all loans. A repayment period for a new Further Advance that would extend beyond the term of the original advance may also be accepted at the Seller's discretion, subject to the following: (a) the consent of any subsequent lender or guarantor to the Further Advance; (b) the Seller may in its discretion extend the period of the original advance, provided that, in all leasehold cases, not less than 30 years (or ten years in certain circumstances) of the lease must be left unexpired at the end of the term of the Mortgage; and (c) the approval of the valuer where the valuer has previously recommended a term which is shorter than the maximum Loan terms referred to above. If a Borrower requests to increase the term of the existing Loan, the maximum term for a repayment Loan is 25 years from the date from which the extended term is granted. However, the total term from the start date of the account must not exceed 40 years. If a Borrower or guarantor is already retired or a mortgage term is requested that will take the Borrower/guarantor's term beyond the anticipated retirement age, specific procedures must be followed by the Seller.

Appears in 2 contracts

Samples: Mortgage Sale Agreement (Permanent Funding (No. 2) LTD), Mortgage Sale Agreement (Permanent Funding (No. 2) LTD)

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Term of Loan. There is no minimum term on home purchase Loans and the maximum term is 40 years for all loans. A repayment period for a new Further Advance that would extend beyond the term of the original advance may also be accepted at the Seller's discretion, subject to the following: (a) the consent of any subsequent lender or guarantor to the Further Advance; (b) the Seller may in its discretion extend the period of the original advance, provided that, in all leasehold cases, not less than 30 years (or 10 years in certain circumstances) of the lease must be left unexpired at the end of the term of the Mortgage; and (c) the approval of the valuer where the valuer has previously recommended a term which is shorter than the maximum Loan terms referred to above. If a Borrower requests to increase the term of the existing Loan, the maximum term for a repayment Loan is 25 years from the date from which the extended term is granted. However, the total term from the start date of the account must not exceed 40 years. If a Borrower or guarantor is already retired or a mortgage term is requested that will take the Borrower/guarantor's term beyond the anticipated retirement age, specific procedures must be followed by the Seller.

Appears in 1 contract

Samples: Mortgage Sale Agreement (Permanent Funding (No. 2) LTD)

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