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Shop pays off mortgage on premises early

Radley Shop frontage

Exterior Radley Village Shop

In November 2017 Radley Village Shop Association used money from its reserves to pay off the outstanding balance on the mortgage taken out six years ago to buy the lease of the shop premises.

The shop’s success over the past 10 years in achieving an annual surplus had enabled it to build up significant reserves. The original loan of £60,000 from Cooperative and Community Finance in February 2011 was for 15 years to 2023. There was some penalty for early repayment, but the gain from not having to pay interest each month on the loan for nine more years is much greater.

The shop is now mortgage-free and the lease is completely owned on behalf of the community by Radley Village Shop Association.

 

Radley Village Shop Association Limited is a Registered Society under
the Co-operative and Community Benefit Societies Act 2014
Registration No: 30172R. Registered Office: Catharine Court Church Road Radley OX14 3GN

Permanent link to this article: http://www.radleyvillage.org.uk/shop-pays-off-mortgage-on-premises-early/