You have the right to remain Solvent
Advantage has launched a new version of its equity share mortgage specifically targeted at people in the police force.
Police officers only need to have completed six months of their probationary period to qualify and the mortgage is available to both people with existing mortgages as well as people starting on the property ladder. Advantage have also made the mortgage available to people who want to relocate.
The main difference between the standard Flexishare product and that designed for the Police Service is that on both the conventional mortgage and residential ownership loan parts of the financial arrangement there is tailored interest rates.
As with the standard Flexishare product the amount you can borrow is based on an affordability model and not income multiples.
Borrowers are asked to pay an initial 5% deposit and the applicant can then borrow between 15.1% and 80% of its value through the conventional mortgage part of the Police Service Flexishare plan.
The residential ownership loan incorporated in the product will cover between 15% and 35% of the property value and repayments for this have been set at 2.99% for the entire term of the loan.
Topping up the conventional mortgage and residential ownership loan is the equity loan funded by Advantage, which will share in any future increase or decrease in the property value - in the same proportion as the share borrowed in the residential ownership loan.
Advantage has been hammering out the terms of the new mortgage with Police Federation Mortgages. Although this name sounds like it is in some way directly connected to the Police force it is actually a Mortgage Introducer that has been approved by the Police authorities.
It seems strange that the Police Federation Mortgages website still proudly states to be part of the listed Millfield group, when that group went into receivership in June. The Money Portal PLC purchased the mortgage introducer in the same month.
