Finance Options
There are a number of financing options open to fractional purchasers at The Village.
Apart from an outright cash purchase or making your own finance arrangements, Sporting Fractions works closely with Fractional Finance, a leading U.K. based provider of fractional financing solutions. Fractional Finance is a division of Glamis Investments Limited and holds a Consumer Credit License issued by the Office of Fair Trading. Fractional Finance can provide a deferred purchase scheme.
Payment Terms: £2,000 holding deposit, then:
Option 1. No finance. 50% (of the price) payment upon signing, with the remaining balance to be paid at completion Finance Options available (Finance is NOT subject to status i.e. guaranteed automatic acceptance)
Option 2. 100% finance repayable over 7 years
Option 3. 25% (of the price) payment upon signing and the remaining balance repayable over 10 years.
Option 4. 50% (of the price) payment upon signing and the remaining balance repayable over 10 years, with repayments due from your apartment’s completion date.
The deferred purchase schemes are guaranteed and non-status. Fractional Finance will not require proof of income and will not undertake credit checks. Proof of identity is required.
Once you have paid your reservation fee, you will receive information on finance options from Sporting Fraction. When you have decided how you wish to finance your purchase, a payment will be required within 30 days to cover the balance of your deposit.
Fractional Finance will send you a credit agreement and method of payment (standing order or direct debit form) to your home address. The following items must be returned in the reply paid envelope:
1. Copy of the credit agreement (signed and dated)
2. Method of payment (signed and dated)
3. A recent utility bill (original)
4. Your passport or driving licence (original)
Once you have returned these items, Fractional Finance will allow you a further 14 days to cancel the credit agreement. Details of your cancellation rights together with your utility bill and passport or driving licence will be returned by registered post to your home address.
The finance charge is fixed and will not vary throughout the term of your credit agreement. Should you decide to repay the balance early, you will receive a rebate of interest in accordance with U.K. consumer credit law.
Typical examples:
Written details are available on request.
Typical example of a £10,000 loan is 120 monthly payments of £143.50.
Total repayable is £17,220 APR 12.7%.
A fraction costing £25,000 is selected with option 3…
Deposit of £6,250 followed by 120 monthly payments of £269. 06 Total payable is £38,537.20 APR 12.7%
A fraction costing £25,000 is selected with option 4...
Deposit of £12,500. Nothing further to pay for up to 2 years. Then 120 monthly payments of £179.38. Total payable is £34,025.60. APR 12.7%
