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CONSUMER CREDIT ACT,
1995
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:
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- Your home is at risk it you do not keep up payments
on a mortgage or any other loan secured on it.
- Variable rate mortgages - the payment rates on this
housing loan may be adjusted by the lender from time to
time, and may increase.
- Interest only mortgages - borrower should be aware of
the need for a repayment vehicle.
- 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.
- 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.
- Fixed rate documentation must include redemption fees.
Fees charged by all parties to a mortgage transaction
must be disclosed to the consumer.
- Sub-prime mortgages - applicants may pay an extra 2%
- 3% interest rate, or more, above the odds.
- Valuation reports - applicants are entitled to received
a copy of the valuation report with the offer letter.
- 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).
- 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.
- Property insurance and Mortgage Protection Policy -
the consumer has the right to insure through any insurer
or intermediary.
- 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.
- Terms and conditions apply to all mortgages and loans.
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