Adheres to the Financial Conduct Authority (FCA) regulations surrounding financial promotions, referral practices, and commission disclosure:
we do not carry out, advise, arrange, or manage any regulated activity (i.e. regulated mortgage contracts).
we do not introduce customers to a mortgage lender or advisor.
we do not advertise lender or broker financial services and do not engage in any financial promotions on their behalf.
we do not receive any payment or reward (i.e. fees or commissions) from lenders or brokers (nor do we pay any).
VAL FREE® is a regulated mortgage from selected lenders.
CHAIN FREE® and CHAIN MENDER® are not regulated mortgages.
Albani is not a mortgage lender and does not lend money.
A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve been lent plus interest:
We do not lend you money because you have no legal obligation to pay us back:
we can only recover our finance from the sale of your house (you have given us vacant possession).
the Drawdown Documents include a Sale Contract (our Legal Department will add the buyers name) and Transfer for you to sign so if you take our finance we can sell your house to recoup our finance.
when you take our finance (CHAIN FREE® Fall Back Price® and CHAIN MENDER® Provisional Price™) you must contemporaneously give us vacant possession and pay off any outstanding mortgages (which you can do with our finance).
although our finance is interest-free the Consumer Rights Act (CRA) requires us show the Annual Percentage Rate (APR): even though our legal documents say you do not have to repay our finance the CRA requires us to say that “your home may be repossessed if you do not keep up repayments on a Loan or on any other debt secured on it.”
Albani:
Has Standard Industrial Classification (SIC) code: 64999 – Financial intermediation not elsewhere classified.
Conducts its business using the latest electronic technology.
Uses cloud-based systems to interface paper-free with customers, their solicitors, agents and other stakeholders.
Documents (including the Plan T&Cs) can be signed electronically subject to HM Land Registry conditions.
Provides home owners with:
CHAIN FREE® a chain-avoiding insurance type arrangement available through the Home Owners Plan™.
CHAIN MENDER® a chain-mending solution.
Subject to the home owner signing our Offer Documents, Albani will provide the home owner selecting:
CHAIN FREE® with the offer of a Fall Back Price®.
CHAIN MENDER® with the offer of a Provisional Price™.
Subject to the home owner’s solicitor serving Albani with Drawdown Documents, Albani will within 5 days provide home owner selecting:
CHAIN FREE® with finance (Fall Back Price®).
CHAIN MENDER® with finance (Provisional Price™).
When the home owner takes the Fall Back Price® or Provisional Price™ (which they can use to pay off their mortgage) their house must be:
