full and final list was unveiled by him in December 1999. He hailed the Millennium Products companies as "the very best of British innovation, creativity and design." The Bank of Scotland shared-appreciation mortgage was described by the Design Council as "A mortgage which allows you to release cash tied up in your house for 0% interest payments, in return for a share in any appreciation in value from the sale of the home." The description does not state the size of the share in the appreciation in the value of the home. By the time the final list of Millennium Products was announced in December 1999, shared-appreciation mortgages were no longer being offered for sale by either Bank of Scotland or Barclays Bank. SAM products and companies "Appreciation share : loan" is the ratio of the lender's percentage share of the appreciationto the percentage of the initial value of the property that was borrowed. Bank of Scotland ("as agent for BOS (SAM) No. 4 PLC") shared appreciation mortgage sales booklet On page 10 of the BoS SAM No. 4 PLC sales booklet, there is an example of a shared appreciation mortgage based on a loan of £30,000, an initial house value of £120,000, repayment of the mortgage after 20 years, and fees totalling £1,890, and assuming average house price inflation of 4.5% per annum. The APR (annual percentage rate) of this mortgage is 8.7%. The quoted repayment, including the initial loan (£30,000), the shared appreciation (£127,054), the arrangement fee (£500), the legal fees (£600), the valuation fees on entry and exit (£490), and an administration fee (£300), is £158,944. On page 5 of the same document there is another example of a shared appreciation mortgage. This is based on a loan of £20,000, an initial property value ("base value") of £100,000 and a final property value ("exit value") of £150,000. The quoted repayment, including the initial loan (£20,000) and the shared appreciation (£30,000), but not including the exit valuation fee and the administration fee (£300), is £50,000. This repayment is much less than the repayments that are actually being made. The example does not give the number of years of the mortgage, but if it is assumed to be 20 years, as in the example on page 10, the average house price inflation of the example is 2.0% and the APR is 4.7%. This example therefore assumes different average house