The Residential Mortgage Contract serves as the primary legal instrument for securing property finance in England and Wales. This document is essential when individuals seek to purchase residential property using borrowed funds from a financial institution. It encompasses crucial elements including loan terms, security provisions, borrower obligations, and lender rights, while ensuring compliance with FCA regulations and consumer protection laws. The contract is designed to protect both lender and borrower interests while maintaining adherence to UK property law and financial services regulations.
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1. 1. Parties: Identifies the lender and borrower with full legal names and addresses
2. 2. Background: Sets out the context of the mortgage agreement and property details
3. 3. Definitions: Defines key terms used throughout the agreement including Loan, Property, Security, and other relevant terminology
4. 4. The Loan: Details of the loan amount, interest rate, repayment terms, and payment obligations
5. 5. Security: Details of the property being mortgaged and the legal charge creation
6. 6. Borrower's Covenants: Key obligations of the borrower including payment, property maintenance, and compliance with regulations
7. 7. Events of Default: Circumstances constituting default and their consequences
8. 8. Lender's Rights and Remedies: Powers and remedies available to the lender in case of default
9. 9. Early Repayment: Terms and conditions for early repayment of the mortgage
10. 10. Representations and Warranties: Borrower's confirmations regarding their capacity and property ownership
1. Insurance Provisions: Detailed insurance requirements and obligations when specific insurance terms need to be highlighted
2. Additional Borrowing: Terms and conditions for future borrowing facilities when offering flexible or additional borrowing options
3. Buy-to-Let Provisions: Special terms and conditions applicable when the property will be rented out
4. Portable Mortgage Provisions: Terms allowing the mortgage to be transferred to a different property
5. Guarantor Provisions: Additional terms when a guarantor is involved in the mortgage arrangement
1. Schedule 1 - Property Description: Detailed legal description of the mortgaged property including title number and address
2. Schedule 2 - Special Conditions: Any special terms or conditions specific to this mortgage agreement
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment amounts, dates, and interest calculations
4. Appendix A - Mortgage Offer: Copy of the original mortgage offer document
5. Appendix B - Property Valuation: Summary of the property valuation report and key findings
6. Appendix C - Standard Conditions: Standard mortgage conditions as required by FCA regulations
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