Document background
The Simple Owner Finance Contract serves as an alternative to traditional mortgage financing in England and Wales. This document is particularly useful when buyers cannot obtain conventional bank financing or when sellers prefer to earn interest income through direct financing. The contract includes essential elements such as loan amount, interest rates, payment terms, default provisions, and security arrangements. It must comply with relevant legislation including the Consumer Credit Act 1974 and Financial Services and Markets Act 2000, while providing clear terms for both parties. The Simple Owner Finance Contract is designed to protect both the seller's security interest and the buyer's rights while maintaining legal enforceability.
