European Union (Consumer Mortgage Credit Agreements) Regulations 2016
(n) a general warning on the possible consequences of non-compliance with the obligations of the credit agreement. `EEA host Member State` means the EEA Member State which is not the EEA home Member State and in which the creditor or credit intermediary has a branch or provides services; 2. If the borrowing rate may vary during the term of the credit, the creditor shall indicate (where applicable) the period during which that initial borrowing rate remains unchanged. The annual effective rate of exchange refers to the annual cost of a loan to the consumer, expressed as the total value of the loan. A simulator based on the provisions of the mortgage policy is available to help users calculate the annual effective rate of a given credit value. (If applicable) [Indication of the law applicable to the credit agreement]. (If the lender intends to use a language other than the language of the ESIS) The information and contractual conditions are provided in [language]. With your consent, we intend to communicate in [language(s) for the duration of the credit agreement. [Insert a statement on the right to obtain or obtain, where appropriate, a draft credit agreement] (a) In paragraph 6(c), in the insequential “subject to paragraph 10”, before the concept of “credit agreement” and (ii) the holder of the authorisation shall be deemed to be the holder of the authorisation of a mortgage intermediary, and the provisions of those Regulations shall apply mutatis mutandis to the holder, but this is governed by paragraphs 3 to 6. The year of repayment must be provided for each instalment and, for each of the columns at the end of the first year, a subtotal must be indicated for each column. For subsequent years, details can be provided annually. At the end of the table, an overall row is added, which includes the total amounts for each column.
The total cost of credit paid by the consumer (i.e. the total amount in the column `rate amount`) must be clearly underlined and presented as such. (a) where the creditor or credit intermediary is a natural person, the EEA Member State in which its main salon is located; (b) a credit agreement the purpose of which is to acquire or retain ownership rights in land or in an existing or proposed immovable, and under which the person to whom the credit is granted is a consumer. `total amount of credit` means, in respect of a credit agreement, the credit ceiling or the total amount made available under the credit agreement; 2. The reference interest rate shall be indicated as a percentage. If the reference rate is variable and is based on a reference rate, the lender may indicate the reference rate by giving a reference rate and a percentage of the creditor`s spread. However, the creditor shall indicate the value of the reference rate applicable on the date of issue of the ESIS. 5. If the credit is a loan with a pure or partial interest rate, a statement that the text is used in Part A shall be clearly inserted at the end of this Section.
`advisory services` means personal recommendations addressed to a consumer in respect of one or more transactions related to credit agreements and constitute a separate activity from the granting of credit and credit intermediation activities; 4. (1) In these Regulations, “mortgage intermediary” means a person (including a company within the meaning of the Partnership Act 1890 (53 & 54 Vict.c.39)) means a person who (b) offers a personal consumer the opportunity to set his interest rate or to switch to an existing credit agreement at a fixed rate; 4. For a period of thirty days after the credit offer has been made (the “cooling-off period”), the consumer may decide whether or not to accept the offer. During the reflection period, the credit offer is binding on the creditor and the consumer may accept the offer at any time during the reflection period.. . . .