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Pre-agreement Statement and the Cancellation Of Mortgage Agreements

Back to National Credit Act

To promote transparency the following must happen before entering into a credit agreement:

  • Credit providers must:
  • Deliver to the consumer a pre-agreement statement containing relevant terms and conditions of the credit - this will be presented at the attorney's offices

Cancellation Of Mortgage Agreements

Penalty fees have been prohibited by the Act, but cancellation fees are still allowed.

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Calculation of the fee has remained similar to the current calculation:

  • The charge/fee may not exceed the interest that would have been levied on the account for the period equaling a 3 months notice period, i.e.
    • If the client gives 3 months notice
      • The fee will be R30 (3-3)
    • If the client gives 2 months notice
      • The fee will be equal to 1 month's interest (3-2)

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