Common use of Your option Clause in Contracts

Your option. At any time , you can ask us to convert the loan to a fixed rate closed term as follows: The new term of the loan begins when the change takes effect. The new term of the loan ends no sooner than the end of the old term. The interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 10.20 apply to this change. Changes generally. When a change takes effect. A change to the mortgage doesn't take effect until you and we enter into an agreement to make the change and the change takes effect under that agreement. Credit requirements. We'll only make the change if, when the change is to take effect, our usual credit requirements are met. These include requirements for security and documents. Requirements of others. Sometimes the loan may involve another person, for example, the insurer of an insured mortgage. We don't have to agree to the change if, when the change is to take effect, that person's requirements aren't met. If we agree, the change is subject to that person's requirements (including charges).

Your option. At any time , you can ask us to convert the loan to a fixed rate closed term as follows: The new term of the loan begins when the change takes effect. The new term of the loan ends no sooner than the end of the old term. The interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 10.20 8.20 apply to this change. Changes generally. When a change takes effect. A change to the mortgage doesn't take effect until you and we enter into an agreement to make the change and the change takes effect under that agreement. Credit requirements. We'll only make the change if, when the change is to take effect, our usual credit requirements are met. These include requirements for security and documents. Requirements of others. Sometimes the loan may involve another person, for example, the insurer of an insured mortgage. We don't have to agree to the change if, when the change is to take effect, that person's requirements aren't met. If we agree, the change is subject to that person's requirements (including charges).

Your option. At any time , you can ask us to convert the loan to a fixed rate closed term as follows: The new term of the loan begins when the change takes effect. The new term of the loan ends no sooner than the end of the old term. The interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 10.20 9.20 apply to this change. Changes generally. When a change takes effect. A change to the mortgage doesn't take effect until you and we enter into an agreement to make the change and the change takes effect under that agreement. Credit requirements. We'll only make the change if, when the change is to take effect, our usual credit requirements are met. These include requirements for security and documents. Requirements of others. Sometimes the loan may involve another person, for example, the insurer of an insured mortgage. We don't have to agree to the change if, when the change is to take effect, that person's requirements aren't met. If we agree, the change is subject to that person's requirements (including charges).

Your option. At any time , you can ask us to convert the loan to a fixed rate closed term as follows: The new term of the loan begins when the change takes effect. The new term of the loan ends no sooner than the end of the old term. The interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 10.20 9.20 apply to this change. Changes generally. generally5.20. When a change takes effect. A change to the mortgage doesn't take effect until you and we enter into an agreement to make the change and the change takes effect under that agreement. Credit requirements. We'll only make the change if, when the change is to take effect, our usual credit requirements are met. These include requirements for security and documents. Requirements of others. Sometimes the loan may involve another person, for example, the insurer of an insured mortgage. We don't have to agree to the change if, when the change is to take effect, that person's requirements aren't met. If we agree, the change is subject to that person's requirements (including charges).

Your option. At any time , you can ask us to convert the loan to a fixed rate closed term as follows: The new term of the loan begins when the change takes effect. The new term of the loan ends no sooner than the end of the old term. The interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 10.20 7.20 apply to this change. Changes generally. When a change takes effect. A change to the mortgage contract doesn't take effect until you and we enter into an agreement to make the change and the change takes effect under that agreement. Credit requirements. We'll only make the change if, when the change is to take effect, our usual credit requirements are met. These include requirements for security and documents. Requirements of others. Sometimes the loan may involve another person, for example, the insurer of an insured mortgagecontract. We don't have to agree to the change if, when the change is to take effect, that person's requirements aren't met. If we agree, the change is subject to that person's requirements (including charges).