Papprills can offer mortgage finance through its Limited Partnership, Major Oak Investment Limited Partnership.
Papprills has offered mortgage finance through Papprill Hadfield & Aldous Solicitors Nominee Co Ltd since 1973. Due to reform of the financial markets with the passing of the Financial Markets Conduct Act 2013, solicitors can no longer offer lending through their solicitors’ nominee companies.
However, Papprills can now offer mortgage finance through a Limited Partnership which it has registered with Companies Office (Major Oak Investment Limited Partnership) under the Limited Partnership Act 2008. This Limited Partnership has been licensed as a Financial Services Provider by the Financial Markets Authority.
Interest Rate for Borrowing
The Limited Partnership offers a very competitive interest rate for borrowing based on prevailing market interest rates.
The Lending Procedure
Mortgage applications are submitted to investing members of the Major Oak Investment Limited Partnership, together with the security and valuation details for approval. The mortgages offered are usually for terms of 2 years, interest only which is payable monthly.
The borrower pays for arranging the finance, preparing the relevant documentation and registering the mortgage against the title. Our commission rate is 1.5%.