wording on mortgage

Labby123

Hi,

Just got our papers to sign for applying for the mortgage and it says,

DECLARATION FOR EXEMPTION RELATING TO BUSINESSES:

I am/We are entering this agreement wholly or predominantly for the purposes of a business carried on by me/us or intended to be
carried on by me/us.
I/We understand that I/we will not have the benefit of the protection and remedies that would be available to me/us under the consumer
Credit Act 1974 if this agreement were a regulated agreement under that Act.

What is this actually saying?

Thanks

amnblog

it says do you agree your lending is for business purposes only.

(if it is, no one has to give you advice)

kingstreet

For what type of mortgage are you applying?

Labby123

Thanks amnblog

OH read it that way and was confused as he had been advised to sign it.

I assume we should avoid signing it.

OH works for himself but mortgage isn't for business purposes.

Kingstreet we are applying for a mortgage to move to a new house.

amnblog

This is worrying.

Is this a non regulated broker trying to avoid giving advice by passing the case off as business lending?

kingstreet

So, this is a regulated mortgage to purchase a residential property taken out with a "normal" high street lender?

Who has supplied this document and who is asking you to sign it?

Labby123

Hi both,

I have just checked and they are an appointed representative of a regulated lender.
The broker has provided the form which is from the mortgage provider.
The mortgage broker was, however OH rang them and they have asked OH to now ring the mortgage provider to get them to clarify.
Thanks for your help.