A Mortgage Buydown Agreement is utilized when parties wish to establish a temporary reduction in mortgage payments through an upfront contribution of funds. This document, governed by English and Welsh law, is particularly relevant in scenarios where property sellers, builders, or other parties contribute funds to reduce the borrower's initial mortgage payments. The agreement specifies how the buydown funds are applied, the duration of the reduced rate period, and the transition to standard rates. It must comply with FCA regulations and the Financial Services and Markets Act 2000.
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1. Parties: Identifies all parties to the agreement including lender, borrower, and any intermediaries
2. Background: Explains the context and purpose of the buydown arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Buydown Terms: Details of the temporary rate reduction and payment schedule
5. Payment Structure: Specifies how the buydown funds will be applied
6. Duration: Period of the buydown arrangement
7. Regulatory Compliance: Statements ensuring compliance with FSMA, Consumer Credit Act, and FCA requirements
8. Representations and Warranties: Standard representations and warranties from all parties
9. Governing Law and Jurisdiction: Specifies English and Welsh law as governing law and relevant jurisdiction
1. Third Party Contributions: Provisions regarding buydown funds provided by a third party such as property seller or developer
2. Early Termination: Terms and conditions for early termination of the buydown arrangement
3. Refinancing Provisions: Clauses addressing the impact of refinancing on the buydown arrangement
4. Default Provisions: Specific provisions dealing with default scenarios and remedies
5. Assignment: Terms regarding the ability to assign rights under the agreement
1. Schedule 1 - Payment Schedule: Detailed schedule showing reduced payments during the buydown period
2. Schedule 2 - Buydown Calculation Method: Mathematical formula and examples for calculating buydown amounts
3. Schedule 3 - Fund Disbursement Schedule: Timeline and process for release of buydown funds
4. Schedule 4 - Required Notices and Forms: Standard forms and notices required under relevant regulations
5. Appendix A - Regulatory Disclosures: Mandatory disclosures required under FSMA and FCA regulations
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