For mortgages we require security over the property. It is strongly recommended that life assurance cover is obtained. House Buildings Insurance for reinstatement value may also be required. Additional security in support of the guarantee may be necessary. At the end of the 25 years 60,000 is payable.
Legal fees are for the taking of security only.
The cost of any life assurance is not included in this typical example. Thereafter, based on the current Home Loan Rate gross monthly payments of 39.03 for 288 months. No account of variations in interest rate is taken in this example. At the end of the 25 years 7,000 is payable. The total amount payable is 18,499.