MORTGAGE FINANCE

Gary Ellison t/a Ellison Financial Consultants is regulated by the Central Bank of Ireland. Regulator.

In accordance with the provisions of the Consumer Credit Act, 1995, and Consumer Protection Code 2007, Ellison Financial Consultants bring the following statements to your attention: -

1. Your home is at risk it you do not keep up payments on a mortgage or any other loan secured on it.
2. Variable rate mortgages - the payment rates on this housing loan may be adjusted by the lender from time to time, and may increase.
3. Interest only mortgages - borrower should be aware of the need for a repayment vehicle.
4. Endowment mortgages - there is no guarantee that the proceeds of these insurances policies with be sufficient to repay the load in full when it becomes due for repayment.
5. Documentation must also contain the Lender's policy on interest rates and penalties on mortgage arrears. Where a property is being reposessed, the estimated cost to the consumer must be provided.
6. Fixed rate documentation must include redemption fees. Fees charged by all parties to a mortgage transaction must be disclosed to the consumer.
7. Sub-prime mortgages - applicants may pay an extra 2% - 3% interest rate, or more, above the odds.
8. Valuation reports - applicants are entitled to received a copy of the valuation report with the offer letter.
9. All mortgages and loans are subject to a satisfactory appraisal and financial standing, mortgage loan approval is subject to the Lenders usual conditions, and require security over the property and suitable protection policies (mortgage life protection cover & buildimngs/property insurance).
10. The Consumer's ability to pay the mortgage repayments should be stress tested by the impact of 2% interest rate increase above interest rate offered to the consumer.
11. Property insurance and Mortgage Protection Policy - the consumer has the right to insure through any insurer or intermediary.
12. If you combine loans, the new loan may take longer to pay off than your previous loans and this means you may pay more than if you paid over a shorter term.
13. Terms and conditions apply to all mortgages and loans.