1
Q
Record-keeping: interest-only mortgages
A
The lender must keep records of these mortgages for the term of the contract. It should include:
- Reasons for the decision to offer an interest-only mortgage
- Evidence of the customer’s repayment strategy and cost where applicable
- Details of the firm’s attempts to contact the customer for reviews
- The outcome of each review
2
Q
For interest-only mortgages, the lender must carry out a review…
A
…at least once during the mortgage term.
CeMAP 2 and 3
flashcards
Decks in class (24)
# Cards
-
Topic 2 - Types of Borrower20
-
Topic 3 - Mortgage Regulation6
-
Topic 4 - Principles of Mortgage and Property Law11
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Topic 5 - Practical Aspects of Property and Mortgage Law19
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Topic 6 - Buying a Property: An Overview15
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Topic 7 - The Legal Aspects of Property Purchase8
-
Topic 8 - Regulation and the Buying Process13
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Topic 10 - Assessing the Applicant's Financial Status11
-
Topic 11 - Checking the Applicant's Credit Status10
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Topic 12 - Suitability2
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Topic 13 - Assessing the Property6
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Topic 14 - Valuations and Surveys9
-
Topic 15 - Other Factors that Affect the Lending Decision12
-
Topic 16: Mortgage Repayment Methods7
-
Topic 17 - Using Endowment Policies for Mortgage Repayment23
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Topic 18 - Other Repayment Vehicles for Interest-Only Mortgages12
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Topic 19 - Interest-Rate Options11
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Topic 20 - Other Mortgage Products7
-
Topic 21 - Schemes for Specific Groups of Borrower9
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Topic 22 - Mortgage-Related Insurance Products8
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Topic 23 - Raising Additional Funds from Property36
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Topic 24 - Transferring Mortgages19
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Topic 25 - Arrears and Debt Management34
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Topic 26 - Lenders' Legal Rights and Remedies10
