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Loans for site purchase and house construction deemed “housing loans” exempt from cooling-off period requirement
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Court of Appeal determines that loans taken out for the purpose of purchasing a site and constructing a house thereon, which did not exist at the time of the loan agreement, fall within the definition of "housing loans" under consumer credit legislation, which exempts such loans from the statutory entitlement of a consumer to a cooling-off period, the court upholding the original decision of the High Court, which had struck out the appellants' proceedings on the basis that they disclosed no reasonable cause of action and were bound to fail, as the loans in question did not require a written statement advising of a cooling-off period to be enforceable.
Consumer Credit Act 1995 - housing loan - cooling-off period - Court of Appeal - High Court - enforceability - credit agreement - statutory interpretation - Consumer Credit Directive - executory contract - mortgage - site purchase - house construction - loan agreement - Part III exemptions - statutory entitlement - Consumer Credit Act 2004 amendment - principal residence.
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