The Mortgage Facility Letter is a crucial document in property financing transactions under English and Welsh law. It is used when a lender agrees to provide mortgage financing and needs to formally document the terms of the facility. The letter typically includes detailed information about the loan amount, purpose, interest rates, repayment terms, security arrangements, and conditions that must be met before the facility can be drawn. It must comply with UK financial services regulations, including FCA requirements and consumer protection legislation. The document serves as the primary record of the agreement between parties and forms the basis for the subsequent mortgage security documentation.
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1. Facility Details: Key details of the mortgage facility including amount, purpose, and term
2. Interest Rate and Repayment Terms: Interest rate specifications, calculation method, payment schedule, amounts, and frequency
3. Security Arrangements: Details of the property and other security arrangements required for the mortgage
4. Conditions Precedent: Conditions that must be satisfied before the facility can be drawn down
5. Fees and Charges: Comprehensive breakdown of all applicable fees, charges, and costs
6. Representations and Warranties: Borrower's confirmations and declarations regarding their circumstances and understanding
7. Regulatory Disclosures: Required disclosures under FSMA, CCA, and FCA regulations including APR and cooling-off rights
1. Insurance Requirements: Additional section detailing specific insurance requirements when particular coverage is mandatory
2. Additional Security: Section for high-risk or commercial mortgages requiring extra security arrangements
3. Special Conditions: Section for any non-standard arrangements or bespoke terms specific to the borrower
4. Early Repayment Terms: Detailed terms for early repayment when early repayment charges apply
1. Property Schedule: Detailed description and particulars of the mortgaged property
2. Payment Schedule: Detailed breakdown of payments including dates, amounts, and allocation between principal and interest
3. Fees Schedule: Comprehensive list of all fees and charges applicable to the facility
4. Standard Terms and Conditions: Standard terms and conditions referenced in the facility letter
5. APRC Calculations: Detailed breakdown of Annual Percentage Rate of Charge calculations and underlying assumptions
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