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Refinance Promissory Note for the United Kingdom

Refinance Promissory Note Template for England and Wales

A Refinance Promissory Note is a legally binding document under English and Welsh law that evidences the borrower's promise to pay a new loan that replaces an existing debt obligation. It outlines the terms of the refinanced debt, including the principal amount, interest rate, payment schedule, and consequences of default. The document must comply with English and Welsh contract law principles and relevant financial regulations, particularly the Consumer Credit Act 1974 and Financial Services and Markets Act 2000.

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Refinance Promissory Note

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What is a Refinance Promissory Note?

A Refinance Promissory Note is utilized when parties wish to modify the terms of an existing loan agreement while maintaining the underlying debt obligation. This document, governed by English and Welsh law, serves to document the new terms of the refinanced debt, including modified interest rates, payment schedules, or loan duration. The note typically includes details of both the original and new loan terms, making it a crucial document for debt restructuring. It must comply with relevant financial regulations and can be used for various types of loans, from personal to commercial financing.

What sections should be included in a Refinance Promissory Note?

1. Date and Parties: Identification of lender and borrower with full legal names and addresses

2. Original Note Reference: Details of the original promissory note being refinanced

3. Principal Amount: The refinanced amount being promised to be paid

4. Interest Rate: Specified interest rate and calculation method

5. Payment Terms: Schedule of payments, including dates and amounts

6. Default Provisions: Consequences of missed payments or default

7. Signature Block: Space for signatures and witness details

What sections are optional to include in a Refinance Promissory Note?

1. Security: Details of any collateral, when secured refinancing is involved

2. Prepayment Terms: Conditions for early repayment, if allowed

3. Late Payment Penalties: Additional charges for late payments, if applicable

4. Assignment Rights: Terms for transferring the note to another party, if permitted

What schedules should be included in a Refinance Promissory Note?

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Original Note: Copy of the original promissory note being refinanced

3. Security Details: Description of any collateral or security arrangements, if applicable

4. Interest Calculation Method: Detailed explanation of how interest is calculated and applied

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

England and Wales

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions




























Clauses

























Industries

Consumer Credit Act 1974: Key legislation regulating credit agreements, including consumer protection provisions and disclosure requirements for credit arrangements

Financial Services and Markets Act 2000: Establishes the regulatory framework for financial services and sets requirements for regulated activities in the UK financial sector

Bills of Exchange Act 1882: Fundamental legislation establishing basic principles governing promissory notes and requirements for their validity

Consumer Rights Act 2015: Modern legislation covering unfair terms provisions and transparency requirements in consumer contracts

Money Laundering Regulations 2017: Sets out due diligence requirements and record-keeping obligations for financial transactions

Common Law Principles: Fundamental legal principles covering contract formation, consideration, and capacity to contract

FCA Regulations: Financial Conduct Authority rules governing regulated lenders and conduct of business requirements

Unfair Contract Terms Act 1977: Controls the use of exclusion clauses in contracts and establishes the reasonableness test for contractual terms

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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