Equity Loan customers

Repair obligations

We do not carry out any repairs. There is a defect liability period on brand new properties sold under our equity loan scheme.

If the property is a flat, we or another managing agent are responsible for maintenance of the communal areas/ and or the structure of the building for which a service charge is payable.
Interest charges

Interest charges are payable from the 5th anniversary of the loan until the loan is paid in full.

Interest is charged at a rate of 1.75% of the original loan value or on any proportion of the loan outstanding.

Interest charges are reviewed on 1 April each year.
The loan

The loan term may be for 10 years or 25 years. You can chose to pay all or part of it back to us at any time before then in minimum 5 or 10% tranches depending on the term of your loan.

The amount to be paid back is calculated based on a current market valuation. It is not based on the value of the original loan.

Bromford have to arrange for an independent valuation to be carried out to calculate the loan balance. The valuation lasts for 3 months. You will have to pay for this in advance.

If you wish to pay back all or part of your loan, please complete the loan redemption form below:

Redemption of second charge

I/We serve Notice on Bromford Home Ownership Limited of my/our intention to redeem the second charge on the property.

Name *

Property address *

Telephone number *

Email address *

Do you wish to redeem the full % borrowed *
Yes
No

If you wish to pay back a lower amount please state the % you wish to repay (NB This must be no less than 5 or 10% of the open market depending on the conditions stated in the 2nd charge) * Please enter just a number. No % symbol is needed.

Please list any improvements you have made to the property which may affect the value *

Please tick to confirm the below

I/we confirm that I/we wish to apply for an independent valuation to be carried out to determine the open market value of our property, and understand that the equity must be redeemed within 3 months of the valuation *

I/we are aware of the advanced payment of the valuation fee. To find out the valuation fee please see the administrative charges *

I am aware that any interest due must be paid on completion *

Confirmation

Is this lease in joint names? *
Yes
No

Joint name 1 *

Joint name 2 *

By checking the box below both shared owners are confirming the intention to submit the redemption of second charge form, and confirm that the above information is correct to the best of your knowledge *

By checking the box below you are confirming the intention to submit the redemption of second charge form, and confirm that the above information is correct to the best of your knowledge *

Once your request has been received by the EHST we will confirm receipt via email and raise an invoice associated to any payments due.

We will process your personal data in line with the data protection law set out in our privacy notice.
Alterations

Our permission is required before any structural alterations can be carried out. This includes works such as:

• Replacement kitchens or bathrooms
• Driveways
• Central Heating
• Replacement doors and windows
• Extensions
• Any heating or electrical installation/ replacement
• Installation of a conservatory Structural alterations
• A loft conversion
• A Garage conversion.

Our permission isn’t needed for:

• Replacing internal doors
• Replacement flooring in houses
• Replacement fence panels with like for like fencing
• General DIY including decorating
• Sheds/ Greenhouses in privately owned gardens.

Please complete an alterations form.

Please note: Administration fees are applicable for considering this request. Payment of the fee is required in advance of the service being provided (a sales invoice will be sent to you following receipt of the alteration request form). Fees are non-refundable in the event that consent is not given or if you decide not to go ahead with the works. Find out more about these fees.
Subletting

Our permission is needed for subletting.
We will agree to this if:

• There are no outstanding interest charges payable to us
• We are given a correspondence address.

You will also also need your mortgage lender’s permission.
Change of name

You can change the name of the person on the loan without having to pay back the full loan.

You will have to instruct a solicitor to do this.
Remortgaging

If you want to change your mortgage lender or remortgage you have to obtain our permission.

We will need the following from the mortgage lender before we can give this:

• Details of the new mortgage
• A property market valuation
• A statement of the mortgage balance.
Administration charges

Administration fees are charged for a range of services provided to homeowners. These services are not included within the service charge. Payment of the fee is required in advance of the service being provided.

All fees include VAT and are reviewed on 1 April each year based on the actual cost of providing services.

Find out more about the administrative charges.

These fees are for our administration services only. Additional fees may apply – e.g. valuation fees and/or our legal fees as well as your own legal fees.

Equity Loan customers

Redemption of second charge