A firm must provide the customer with a statement at least once a year (or, in relation to the first statement, within the first 13 months of the plan term) covering the home purchase plan and including information about:
whether the payment is a rental payment or a purchase payment;
the applicable rental rate(s);
where relevant, the customer's beneficial interest in the property;
the remaining acquisition amount;
the actual remaining term;
the ability of the customer to terminate it early and sell the property, together with any charges that would apply.
In some circumstances, a firm may agree a temporary payment plan with a customer that does not involve the customer paying the full amount he owes in each payment period. Where an account in arrears is subject to such a payment plan, and the amount that falls due each payment period is greater than the agreed payment, the firm will still need to show the payments that were due during the period since the last statement. However, in these circumstances, the firm may wish to add information to acknowledge that a temporary payment plan is in place.