Included in Creditors due more than 1 year is a 25 year interest only mortgage. The interest is fixed at 2.99% until 30 September 2020 after which the applicable rate is The Mortgage Works (UK) Plc Managed Variable Rate. The Managed Variable rate is not linked to the Bank of England base rate and is not subject to any upper limit or cap. The bank loan is secured by a first legal charge over the investment property.
The company has a mortgage loan of £188,495. The loan consists of £93,750 on repayment basis and £94,745 interest only basis. Interest is charged on the loan at 3.59% over a 25 year term. The bank loan is secured by a first legal charge over the investment property.
The company has an existing 25 year repayment Paragon mortgage during the year. The interest is fixed at 2.99% five year fixed. The Managed Variable rate is not linked to the Bank of England base rate and is not subject to any upper limit or cap. The bank loan is secured by a first legal charge over the investment property.
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.