PART 2: LENDERS ONLY
(4) LENDING
Financial assessment
of the loan
(4.1)
All lending will be subject
to our assessment of your
ability to repay. This assessment
may include:
- Taking into account
your income and commitments;
- How you have handled
your financial affairs
in the past;
- Information obtained
from credit reference
agencies and, with your
consent, others (for
example, employers,
other lenders and landlords);
- Information supplied
by you, including verification
of your identity and
the purpose of the borrowing;
- Credit assessment
techniques(for example,
credit scoring);
- Your age;
- Any security provided,
including the condition
and value of the property.
Guarantees
(4.2)
If you want us to accept
a guarantee or other security
from someone for your
liabilities, you may be
asked to consent to the
disclosure, by us, of
your confidential financial
information to the person
giving the guarantee or
other security or their
legal adviser. We will
also:
- Encourage them to
take independent legal
advice to make sure
that they understand
their commitment and
the potential consequences
of their decision. All
the documents they will
be asked to sign will
contain this recommendation
as a clear and prominent
notice;
- Advise them that
by giving the guarantee
or other security they
may become liable instead
of or as well as you;
- Advise them what the
limit of their liability
will be. An unlimited
guarantee will not be
taken.
(5) TERMS &
CONDITIONS
Plain Language
(5.1)
All written terms and
conditions will be fair
in substance and will
set out your rights and
responsibilities clearly
and in plain language,
with legal and technical
language used only where
necessary.
Changes to terms
and conditions
(5.2)
Occasionally terms and
conditions may have to
be changed. We will tell
you how you will be notified
of these changes and will
give you reasonable notice
before any change takes
effect. If there have
been significant changes
in any one year, we will
give or send you a copy
of the new terms and conditions
or a summary of the changes.
Interest Rates
(5.3)
Before you take out a
mortgage and at any time
you ask, we will: Tell
you the interest rates
which apply to your account(s)
and will explain when
interest is charged (for
example, on the outstanding
mortgage balance at the
beginning of each year);
Tell you whether the interest
rate may be varied; Tell
you when any capital repayments
you make will reduce the
balance and the outstanding
interest on your mortgage.
Interest rate changes
(5.4)
The interest rate, which
applies to your account,
may change from time to
time. When we change the
interest rate we will
tell you about the changes
at the earliest opportunity
by either:
- Letter/other personal
notice;
- or Notices/leaflets
in branches and press
advertisements. If this
option is used, we will
tell you the interest
rate applicable to your
account at least once
a year.
(6) CHARGES
Tariff
(6.1)
Before you take out a
mortgage and at any time
you ask, we will give
you a tariff covering
the operation and repayment
of your mortgage, including
charges and additional
interest costs payable
should you fall into arrears.
Other charges
(6.2)
We will tell you the charges
for any other service
or product before or when
it is provided or at any
time you ask.
Tariff changes
(6.3)
We will send you a mortgage
tariff each year, if there
have been changes to it.
7. CONFIDENTIALITY
Duty of privacy
(7.1)
We will treat all your
personal information as
private and confidential
(even when you are no
longer a customer). Nothing
about your accounts, nor
your name and address,
will be disclosed to anyone,
including other companies
in our group, other than
in four exceptional cases
permitted by law. These
are:
- Where we are legally
compelled to do so;
- Where there is a duty
to the public to disclose;
- Where our interests
require disclosure;
- This will not be used
as a reason for disclosing
information about you
or your accounts (including
your name and address)
- to anyone else including
other companies in our
group for marketing
purposes.
- Where disclosure is
made at your request
or with your consent.
Information to credit
reference agencies
(7.2 )
Inforrmation about your
mortgage debts owed to
us may be disclosed to
credit reference agencies
where:You have fallen
behind with your payments;
and The amount owed is
not in dispute; and You
have not made proposals
satisfactory to us for
repayment of your debt
following formal demand;
and you have been given
at least 28 days' notice
of our intention to disclose.
Information on possession
cases
(7.3)
If we intend to take possession
of your property, we will
tell you that this information
may be disclosed to credit
reference agencies and
that your name may be
passed to other lenders
by being placed on the
CML Possessions Register.
Consent for other
disclosures
(7.4)
We will not give any other
information about you
to credit reference agencies
without your consent.
Data protection access
(7.5)
We will explain that you
have a right of access
under the Data Protection
Act 1998 to your personal
records held on our files.
Marketing restrictions
(7.6)
Occasionally, we will
bring to your attention
additional services and
products, which may be
of benefit to you. However,
when you become a customer,
we will give you the opportunity
to say that you do not
wish to receive this information.
No marketing reminder
(7.7)
We will remind you, at
least once every three
years, that you can ask
not to receive this information.
Your consent to marketing
(7.8)
Unless you specifically
request it, or give your
express consent in writing,
we will not pass your
name and address to any
company, including other
companies in our group,
for marketing purposes.
Responding to other
marketing
(7.9)
We may tell you about
another company's services
or products and, if you
respond positively, you
may be contacted directly
by that company.
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