Regulatory Alerts2008-10-06
Direction under Section 135(1) of the Consumer Credit Act 1997 regarding residential mortgage credit advertisements
The Office of the Director of Consumer Affairs issued a direction requiring mortgage lenders to disclose specific financial metrics and warnings in all residential mortgage credit advertisements effective March 24, 1997. Print and internet ads must include the maximum loan-to-value and loan-to-income ratios, the monthly cost of a typical €100,000 mortgage, and the impact of a 1% interest rate increase. Radio, television, and billboard advertisements are required to state that lending terms and conditions apply, with the Director reserving the right to enforce compliance and penalize misleading information.
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