S.H.I.P. requires that a valuation be carried out on the property offered as security. This valuation must be completed by a valuer approved by S.H.I.P. and any such valuation or report remains the property of S.H.I.P. No responsibility whatsoever is implied or accepted or warranty given by S.H.I.P. for the value or condition of the property by reason of such valuation. You are responsible for the payment of the valuation fee. You are entitled to your own copy of the valuation report.
Fees and Costs
The valuation fee must be paid by you directly to the valuer. In the event that your application for a Lifetime Mortgage is refused the valuation fee will be refunded to you. Legal fees (excluding costs associated with S.H.I.P.’s legal investigation of title for the purpose of the Loan) are payable by you to your solicitor. Please ask your solicitor for an estimate of his/her fee for investigating Title and completion of a Certificate of Title. In addition there will be outlay comprising Stamp Duty, Registration Fees and Search Fees etc.
Redemption
Where the interest rate is fixed for life the rate of interest applicable to this loan will be fixed for the life of the Applicant(s) from the date of drawdown. In the event of early repayment of the loan in whole or in part for any reason S.H.I.P. may charge a redemption fee to cover any costs incurred by S.H.I.P. in amending or terminating any interest rate hedging contract entered into by or on behalf of S.H.I.P. in order to provide the Applicant with the certainty of a fixed rate of interest for the life of the Applicant. The redemption fee is calculated using the following formula:
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A LOAN OR ANY OTHER LOAN SECURED ON IT. PURCHASING THIS PRODUCT MAY NEGATIVELY IMPACT ON YOUR ABILITY TO FUND FUTURE NEEDS.
Negative Equity Pledge
This means that when the time comes to repay the loan and accrued interest, the repayment owed will never exceed the net sale proceeds of your property.
Non-Contributory State Pensions
If you are the recipient of a non-contributory state pension (i.e. means tested), the lump sum you receive under our plans may affect the amount to which you are entitled. For further information you should contact your social welfare office.
