A fixed rate period loan agreement secured by a legal charge on a specific item of equipment or vehicle. Loan & Chattel Mortgage agreement is simple to understand and is typically used where a company is buying equipment which is not suitable for a Hire Purchase or Lease agreement.
Chattel mortgage generally carries a lower rate of interest, flexible payment structure, and thus proves to be better especially for business owners.
The Chattel Mortgage is a form of security that a Funder takes over the equipment you purchased. A mortgage is registered at Companies House informing any interested party that Funder has security in the equipment.
The most important advantage to a mortgage company is that assets which are kept as security are movable and can be sold off quickly in an event of a default. Automobiles, yacht or boats, mobile homes or trailers, electronic items, and appliances are all examples of movable property.
Call the Ignition Team to find out more on 01872 272900