AMC Flexible Facility
With effect from 31st December 2018, we will no longer be accepting Flexible Facility applications from new or existing customers, and will no longer renew any existing Flexible Facilities for another 5 year term.
All Flexible Facilities can continue for the remainder of their term, and any Flexible Facility applications currently in the pipeline will be progressed subject to latest account opening by 31st March 2019 (providing the application is received by 30th November 2018).
You will be able to continue operating your Flexible Facility in line with existing Terms & Conditions and let it run until the end of the existing term.
For more information please read the Frequently Asked Questions below:
Why is the Flexible Facility being withdrawn?
For over 90 years, AMC has provided farming loans and finance, primarily in the form of long-term mortgages, and supports customers through a long term approach to lending. The AMC product set is regularly reviewed, and an assessment is made on how well the products meet customer needs, and how well the products align to AMC’s long term lending approach. As a result of a review, and in light of the increasingly regulated environment in which we operate, a commercial decision has been made to withdraw the AMC Flexible Facility, due to its misalignment with AMC’s lending strategy and operational processes, and the risks associated with this.
What do I need to do?
The immediate action required depends on the current status of your Flexible Facility:
| Maturing on or before 31st December 2018
|| If your Flexible Facility is coming to the end of its term on or before 31st December 2018, subject to credit approval, we are in a position to offer you a 5 year renewal of your facility, in addition to alternative AMC products. Should you choose a flexible facility you will need to have alternative funding solutions in place at the time of expiry of that 5 year term. Please contact AMC on 01264 334 344 if you would like to discuss this, or alternative funding solutions, further.
| Maturing between 1st January 2019 and 31st March 2019
|| If your Flexible Facility is coming to the end of its term between 1st January 2019 and 31st March 2019, subject to credit approval, we are in a position to offer you a 12 month extension of your facility. You will need to have alternative funding solutions in place at the time of expiry of that 12 month term. Please contact AMC on 01264 334 344 if you would like to discuss this, or alternative funding solutions, further.
| Maturing between 1st April 2019 and 30th September 2019
|| If your Flexible Facility is expiring between 1st April 2019 and 30th September 2019, you will need to consider alternative funding solutions – more details of which are provided later in this document. Please contact AMC on 01264 334 344 if you would like to discuss this, or alternative funding solutions, further.
| Maturing after 30th September 2019
|| Your Flexible Facility will run to the end of its current term, however it will not be able to be extended. You will need to have alternative funding solutions in place at the end of this term. AMC will contact you at your next annual renewal, and subsequently 1 year before the existing Flexible Facility expires, to discuss alternative funding solutions. Some examples of alternative solutions are given later in this document.
| Currently refinancing/ application in progress
|| If your application is with AMC for consideration by 30th November 2018, we will consider your application and if agreed by AMC progress a Flexible Facility. Any Flexible Facility applications agreed by AMC will be subject to a latest account opening date of 31st March 2019.
|| If your Flexible Facility is currently in arrears, a colleague from our Lending Support team will be in contact with you to discuss your options for repayment or refinance.
What other funding options are there?
There are a number of other options available to you, including funding all or part of your current Flexible Facility to an AMC term loan, or through Lloyds Bank. We have set out some of these options below.
- Subject to credit approval, there is an option to convert the Flexible Facility to an AMC Standard Repayment Loan, or an Interest Only loan, for which we will waive the arrangement fee. Unlike a Flexible Facility which has an annual fee of 0.5% of the facility, an AMC Standard Loan has no annual fee. Please contact AMC on 01264 334 344 if you would like to discuss this further.
- Hire Purchase and Leasing arrangements (available through Lloyds Bank)
- Working Capital Management options (available through Lloyds Bank)
For more information on products available through AMC, visit: www.amconline.co.uk/borrow/
, or contact AMC on 01264 334 344.
What are the indicative timelines for converting from a Flexible Facility to an AMC Standard Loan?
Applications typically take around 8 weeks from application to loan drawdown, but can take longer, so we recommend allowing at least 6 months for refinancing.
How do I apply to convert from a Flexible Facility to an AMC Standard Loan?
To apply to convert from a Flexible Facility to a Standard Loan, please contact AMC on 01264 334 344.
What if I don’t repay or refinance by the end of the term of my Flexible Facility?
Under the terms of your loan agreement, the Flexible Facility must be repaid by the end of the term. Failure to do so will constitute a Default Event under the terms of the loan agreement and may result in increased interest being charged.
Where can I go for further guidance?
You can discuss options with the AMC at any point on 01264 334 344. Lines are open from 9am to 5pm, Monday to Friday, excluding UK public holidays.
I want to ask further questions or make a complaint
If you have further questions or wish to make a complaint, please contact us on 01264 334 344. You can also write to us using the address below:
Andover, Hants, SP10 1RE
Our aim is to provide excellent service, but sometimes things can go wrong. If you choose to make a complaint, we promise:
- To do our best to put things right as soon as we can
- To give you the contact details of the person or team dealing with your complaint
- To give your complaint our full attention and commit to resolving the issue for you no matter how you choose to tell us about it, whether it’s by phone, online or in writing.
If you have a complaint, we’d like to talk to you about it as soon as possible. The majority of complaints are resolved there and then.
How we'll handle your complaint:
- We will do all we can to resolve your complaint on the same day.
- If we do not manage to resolve the complaint within five working days we will write to give you an update and let you know when you can expect a full resolution.
- Once all the details of the complaint have been investigated, (we may call you for further details) we will issue a ‘final response’ to your complaint.
Please provide us with the following information when you contact us:
- your name and address
- full details of your complaint
- your mortgage identification number
- photocopies of any paperwork supporting your complaint (please keep your original copies).
We will acknowledge your complaint within five working days and keep in contact until all enquiries are completed.
We would always aim to resolve your complaint at this stage. However, if you are not satisfied with the response you receive; your complaint will be referred to an appropriate manager or department for further investigation.