Consumer Credit Act 1995

Warning on loss of home.

128

128.(1) A mortgage agent shall ensure that—

(a) an information document,

(b) an application form for a housing loan, or

(c) any document approving a housing loan,

shall include the following notice:

“WARNING

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.”.

(2) A mortgage agent shall ensure that, where the interest rate for a housing loan is variable—

(a) an information document,

(b) an application, or

(c) any document approving that loan,

shall, following the notice required under subsection (1), include the following:

“THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.”.