Introduction
What are Cenoptions?
How Cenoptions can benefit you
Application process
The Cenoption product range

The Cenoption product range

Centrila is delighted to be able to offer a range of four Cenoption products which have been designed to accommodate clients’ differing needs and circumstances. All Cenoptions can be exercised at any point from 3-10 years from being taken out, are fully assignable, and all have the same underwriting criteria in terms of acceptable property types, no minimum or maximum property values and being available on new build and off plan properties. All stage payment Cenoptions are paid over a period of two years, with the initial payment paid when the Cenoption is granted, with the second and third instalments due on the first and second anniversary of this date.

Flexi Stage Premium (only available in Stage Payments)
As the name suggests, this offers you great flexibility to choose how you manage your Cenoption. You can spread the cost of the product over 3 instalments, however at the end of the second year, you have the choice to either make the final stage payment – thereby completing all required payments – or alternatively to choose to cancel the contract and to receive a refund (including VAT paid) of the second stage payment made, meaning you would only have incurred the cost of the initial payment. If you are unsure about what may happen with property prices, this gives you the ability to benefit from the product’s features today, while being able to reassess market conditions in two years time.

Maxi Stage Premium (only available in Stage Payments)
The Maxi product offers exactly the same flexible features as the Flexi product in terms of opting for a refund in two years time, however, for a fraction more in cost, you are able to secure a future Purchase Price for your property at 5% over today’s value. Accordingly, if Centrila agrees a value of £100,000 today, Centrila will agree to buy the property from you (should you exercise your Maxi Cenoption) for £105,000. This means that should you exercise your Maxi option, you will in practice make a small profit on the cost of the premiums paid together with having had the peace of mind and benefit of having safeguarded your property’s equity – hence a win win situation!

Standard Single Premium (only available as a Single Premium)
This is the cheapest Cenoption plan available, however as the premium is all paid upfront you do not have the flexibility of having a return of any of the premium should you decide in the future that you do not need to use the Cenoption. Nevertheless it still represents excellent value for the benefits it provides.

Standard Stage Premium (only available in Stage Payments)
This is very similar to the Standard Single Premium Cenoption, but it costs slightly more as it allows you to spread the cost of the product over 3 instalments, with you being able to choose whether to make either the second or third payments depending on your personal circumstances and the state of the property market in the future. There is however no ability to claim a refund of any premiums paid to date at any point.


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