Making arrangements with a view to regulated mortgage contracts
Agreeing to carry on a regulated activity
VAL FREE® is a regulated mortgage contract from selected mortgage lenders:
Only available through regulated mortgage advisors (mortgage brokers)
We only act as a “signpost” to brokers and do not advertise their financial services and do not receive or pay any fees or commisions
CHAIN FREE® and CHAIN MENDER® are not regulated mortgage contracts. See: FCA PERG 4.4
Regulated loans are those on a property you are living in or are going to live in.
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).
Albani Limited 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:
our finance is open-bridge (no fixed repayment date which obliges you to re-pay by a specific date).
non-recourse (non-recourse means you have no legal obligation to repay us).
interest-free.
We do not lend you money because you do not have 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.
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.”
Advise
Albani will not advise you.
Albani will not recommend any financial product.
If you need advice you must consult a solicitor, broker or independent financial adviser.
Albani Limited
Provides financial products to home owners that are transparent and fair.
Profit-sharing for all employees.
Albani Limited (Albani) incorporated in England under company number 5808405 is operated in accordance with ESG criteria and complies with UK GBPR regulations and FCA requirements (e.g., Business Register; Consumer Duty). See: Ethical Finance
Standard Industrial Classification (SIC) code: 64999 – Financial intermediation not elsewhere classified.
Albani 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 Albani 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 valid 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:
mortgage fee.
contemporaneously empty and vacant.
Fintech
Albani conducts its business using the latest electronic technology.
Our cloud-based systems enable us to interface paper-free with customers, their solicitors, estate agents and other stakeholders.
All Documents (including the Plan T&Cs) are in a standard form and subject to HM Land Registry conditions can be signed electronically.
