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Mortgage states Loan not regulated by consumer credit act, what does this mean ?
oksamuraii
Posts: 12 Forumite
Hi all, I have a mortgage offer which states "The Loan will not be regulated under the Consumer Credit Act 1974". Does anybody know what this means ?
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Comments
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Yes. The requirements of the consumer credit act, such as statutory cooling off etc aren't applicable because (I assume) the mortgage amount is above £25,001.
It's normal.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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