It aims to protect consumers by ensuring that trading practices are as fair as possible and by encouraging competition among businesses. It is headed by the director general of fair-trading, and one of its responsibilities is the administration and enforcement of the consumer credit act 1974. Any business planning to provide consumers with credit facilities, or refer them to a source of credit, or hire out goods, must first obtain a consumer credit licence from the OFT.
Open Market Value
The value of a property on the basis of a willing buyer and willing seller in the open market allowing for a reasonable period for sale.
This is income in addition to basic annual salary or, in the case of self-employed, annual net profits.
This includes existing liabilities and, or your debts, other than an existing mortgage such as hire purchase, personal loans, school fees etc.
For property purchased under the right to buy scheme at a discounted price, the value of the discount, or a portion of it, that has to be repaid to the local authority if the property is sold within a certain period of time, normally 3 years from date of purchase.
The amount you have paid over your normal payments.
Written quotations available on request. Mortgage secured on property. Insurance may be required. Loans subject to status, type and value of property. Your home is at risk if you do not keep up repayments on your mortgage or other loan secured on it