YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED ON IT.
It is likely that you will have to repay Places for People more than your borrowed, if that is the case the effect will be similar to a loan under which you pay credit charges at a rate dependent on the growth in house prices. In addition you will have to pay some fees and, after the first five years, some interest. For example if you pay legal and valuation fess of £300 interest of £7,000 and the value of the house increases by 4% a year, the sum that you will repay, if you sell your house after ten years, will be equivalent to borrowing under a loan with an APR of 4.71%. Credit will be granted subject to status.
Places for People Homes Ltd is registered in England and Wales No.IP194470. Registered office 4 The Pavilions, Portway Preston PR2 2YB.
The Co-operative Bank is authorised and regulated by the Financial Services Authority (No. 121885), subscribes to the Banking Code, is a member of the Financial Ombudsman Service and is licensed by the Office of Fair Trading (No. 006110). The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester M60 4EP. Registered in England and Wales No. 990937. Calls may be monitored or recorded for security and training purposes. Calls to 0845 numbers will cost no more than 4p per minute for BT customers. Call charges from other companies may vary and you may want to check this with your service provider.
