It’s easy to change your agreement – just ask

Term Alteration
If you wish to increase or decrease your repayment we may be able to help by adjusting the loan term.

Interest Alteration
You can alter the type of interest you pay at any time, by converting from variable to fixed, or from fixed to variable. However, there may be a redemption cost, depending on prevailing fixed interest rates. The cost of repaying a fixed rate loan early can be very substantial.

Lettings and Developments
You will need to obtain our consent to any transaction or development of land that forms part of our security, since we will need to assess the effect on its value. We will do our best to support your proposal.

Early Repayment
There may be a charge for this, so please ask us for full details. A variable rate loan can be repaid early with no charge*, if you repay up to half the loan amount within the first five years. Otherwise, a sliding scale of charges applies. On the fifth anniversary of the loan the whole amount can be repaid for a handling charge.

*Handling fee is payable

Second Mortgages
We will not object if your bank wishes to take a second charge over AMC|s security.
 
Release of Security
Please contact us if you have plans that may affect our security. We need to ensure that the ratio between the value of our security and your loan will still be acceptable.

If you wish us to release part of the security and the overall value is affected, we will need to assess your proposal. Our aim is to make no change but there may be occasions when we will need additional security or a part repayment of the loan. If fees are involved, we will do our best to ensure that they are kept to a minimum.

Release of Milk Quota
Please advise us if you wish to sell all or part of your milk quota, since this could affect the overall valuation that secures your loan. In fact, you are legally obliged to do so under the Regulations when completing the Intervention Board transfer forms.

Endowment Policy Maturity
When a policy supporting an endowment loan matures, the proceeds are normally used to repay the borrowing. You then receive any surplus funds.

Change of Ownership
This might result from retirement or death, from the introduction of a new partner, or as a result of retirement planning or tax management. Please keep us informed – we will do our best to co-operate with you while ensuring that the loan to value ratio of the security is maintained.

Break or Option Loan Review
If you have a Break or Option Loan that has reached the end of its initial or subsequent term, we will contact you to agree how long the next period will be and whether the interest will be fixed or variable. Our review letter will clearly explain your options.