Guidance on Mortgage Advice in the Caribbean Netherlands
With the publication of the 'Guidance on Mortgage Advice in the Caribbean Netherlands', we support mortgage advisers in providing suitable advice to consumers seeking mortgage credit. It offers practical guidance and examples of good practice for applying the statutory advice standards under the Financial Markets (BES Islands) Act.
Support in applying the statutory standards
Taking out a mortgage is a significant financial decision for many consumers and may have long-term consequences. The Financial Markets (BES Islands) Act therefore sets requirements for the quality of mortgage advice. The guidance explains how advisers can apply these statutory requirements in practice and support consumers in making responsible financial decisions.Practical examples and good practices
The guidance includes examples and good practices designed to help advisers provide advice that reflects the consumer’s financial position, objectives and risk appetite. It addresses, among other matters:
- the mortgage advice process
- affordable and responsible housing costs
- life events and changing circumstances
- mortgage refinancing
- interest-rate risk
- climate-related risks
- relevant tax considerations