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Warning on loss of home.
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128.—(1) A mortgage agent shall ensure that—
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(a) an information document,
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(b) an application form for a housing loan, or
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(c) any document approving a housing loan,
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shall include the following notice:
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“WARNING
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YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.”.
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(2) A mortgage agent shall ensure that, where the interest rate for a housing loan is variable—
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(a) an information document,
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(b) an application, or
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(c) any document approving that loan,
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shall, following the notice required under subsection (1), include the following:
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“THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.”.
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