Staff Preferential Mortgage and the Consumer Credit Act

Duckit

Registered User
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Hi

Not sure if this is the correct place to post this query so redirect me if required.

The main portion of my home mortgage was sanctioned on AIB Staff Preferential Rate (fixed @3%). From my understanding the documentation does not have to comply with the requirements for housing loans under the Consumer Credit Act (CCA) as it would be covered under the following exemption :

( g) a credit agreement between an employer and an employee made on terms which are more favourable to the employee than terms offered generally to the public in the normal course of business.

There was another portion which was sanctioned at the Banks Commercial rate (this was on the same sanction letter as the Preferential rate). Does anybody know if the sanction for this part of the loan should be covered under CCA and therefore should have been in a format that meets the requirements under the act for housing loans?

Thank you
 
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