Unlocking Commission Income: How AI Legalese Decoder Can Help Navigate Complex Contracts
- March 28, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Loan Extension for Interest-Only Repayments in the UK
Greetings Team,
I am reaching out with the intention of extending our property loan to interest-only repayments while residing in the United Kingdom.
## BNZ’s Decline and Policy Restrictions
Regrettably, BNZ has declined our request citing constraints on the calculation of our income. They have specified that only the net annual figure of our base incomes, converted to NZD, is considered for loan assessment. Moreover, they apply a 40% scaling factor due to their policy, which excludes commission income from the evaluation process.
## Partner’s Commission Income and Equity Status
To provide further clarity, my partner derives 50% of their annual income from commission. Additionally, we currently hold 40% equity in the property based on the current market value.
## Seeking Alternative Solutions
In light of BNZ’s limitations, I am inquiring about alternative options available from other banks in New Zealand. Are there any institutions that have more flexible criteria or brokers who specialize in navigating such challenging situations?
## How AI Legalese Decoder Can Help
The AI Legalese Decoder tool can assist in deciphering complex legal language used in policy documents, loan agreements, and communication from financial institutions. By inputting the text from BNZ’s correspondence, the decoder can provide a simplified explanation of the policy restrictions and help explore potential solutions tailored to our specific circumstances. This innovative tool can streamline the process of understanding and negotiating with banks or brokers, ultimately leading to a more informed decision-making process.
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AI Legalese Decoder: Simplifying Legal Documents with Artificial Intelligence
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