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Fixed Sum Mortgages

Fixed sum mortgages are a template instrument and will register automatically. This is so even if detailed information is inserted in the fixed sum field.

Some fixed sum mortgages have complex interest payment provisions that practitioners do not think will fit in the fixed sum field provided. Fields in the fixed sum option can take more than 200 characters, which means far more information can be inserted than just in the visible part of the field.

So, how do you see all the information if you cannot see it on that screen? Select the Preview button at the bottom left of the Prepare screen and you will see the complete information as it would appear on the final registered mortgage.

Some mortgage packages incorporate the A&I form in the mortgage form and this has created the impression that the complete document needs to be attached. This is neither correct nor advisable for the following reasons:

  • by attaching an image, the dealing becomes Lodge and risks rejection or requisition
  • by inserting the relevant information in the fixed sum mortgage template on screen and pre-validating, the mortgage will be AutoReg without the risk of rejection or requisition
  • the A&I form is 'off the register' information and may contain confidential information that should not be on the public register, e.g. it is undesirable for a client's passport or driver's licence details to be publicly viewable.

In summary, practitioners should be able to include all information in the standard template fields for a fixed sum mortgage without using Add Text or Add Image options.