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I need a standard Variable Mortgage Contract
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ralsmith1
Posts: 2 Newbie
Hi there,
I'm new to this forum and I'm hoping someone can help.
I am looking at purchasing a commercial property in the UK and the current owner has offered me a private mortgage.
The property is freehold and he has offered the mortgage for a term of 10 years, at a good rate - interest only, tracking 3.2% above BofE base rate.
My solicitor has dealt with this kind of thing before and said that so long as the mortgage contract is standard then there should be no problem.
The seller is very kind and genuine and we have met and get on well. He has asked me to find a standard contract as he is bery busy, but after hours of googling I am yet to find any kind of contract that suits.
Does anyone have a pdf or even better, a amendable rich text doc (Word), of a good variable mortgage contract that is fair to the mortgagee?
Look forward to hearing back...
Rob
I'm new to this forum and I'm hoping someone can help.
I am looking at purchasing a commercial property in the UK and the current owner has offered me a private mortgage.
The property is freehold and he has offered the mortgage for a term of 10 years, at a good rate - interest only, tracking 3.2% above BofE base rate.
My solicitor has dealt with this kind of thing before and said that so long as the mortgage contract is standard then there should be no problem.
The seller is very kind and genuine and we have met and get on well. He has asked me to find a standard contract as he is bery busy, but after hours of googling I am yet to find any kind of contract that suits.
Does anyone have a pdf or even better, a amendable rich text doc (Word), of a good variable mortgage contract that is fair to the mortgagee?
Look forward to hearing back...
Rob
0
Comments
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I'm still getting no luck anywhere.
Come on you guys... someone must be able to help... I've seen the post has had 95 views!
Rob0 -
JHi there,
I'm new to this forum and I'm hoping someone can help.
I am looking at purchasing a commercial property in the UK and the current owner has offered me a private mortgage.
The property is freehold and he has offered the mortgage for a term of 10 years, at a good rate - interest only, tracking 3.2% above BofE base rate.
My solicitor has dealt with this kind of thing before and said that so long as the mortgage contract is standard then there should be no problem.
The seller is very kind and genuine and we have met and get on well. He has asked me to find a standard contract as he is bery busy, but after hours of googling I am yet to find any kind of contract that suits.
Does anyone have a pdf or even better, a amendable rich text doc (Word), of a good variable mortgage contract that is fair to the mortgagee?
Look forward to hearing back...
Rob
Difficult to understand what your after?
It sounds as though he is offering you a loan to buy at a rate.
If not you need to apply for a commercial mortgage (ie for a shop) to buy the said premises. Business plans, projections an income will need to bs investigated first.0 -
Your seller isn't very busy. Merely wishes to save money.
Solicitors will need to check over whatever you present as a draft.0
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