the identity and the geographical address of the firm;
the purposes for which the credit may be used;
the forms of security3;
the possible duration of the MCD regulated mortgage contracts;
the types of available borrowing rate, indicating whether fixed or variable or both, with a short description of the characteristics of a fixed and variable rate, including related implications for the consumer;
where foreign currency loans are available, an indication of the foreign currency or currencies, including an explanation of the implications for the consumer where the credit is denominated in a foreign currency;
a description of the conditions directly relating to early repayment;2
whether a valuation of the property is necessary and, where applicable, who is responsible for ensuring that the valuation is carried out, and whether any related costs arise for the consumer;
an indication of ancillary services the consumer is obliged to acquire in order to obtain the credit or to obtain it on the terms and conditions marketed and, where applicable, a clarification that the ancillary services may be purchased from a provider that is not the MCD mortgage lender; and
a general warning concerning possible consequences of non-compliance with the commitments linked to the MCD regulated mortgage contract.
[Note: article 13 of the MCD]
2Article 2.2(f) of the benchmarks regulation provides that the regulation does not apply to a natural or legal person that grants or promises to grant credit in the course of that person’s trade, business or profession. However, that exclusion only applies insofar as that person publishes or makes available to the public that person’s own variable or fixed borrowing rates set by internal decisions and applicable only to financial contracts entered into by that person or by a company within the same group with their respective clients.
The FCA considers that a firm (F) is not required to include details about a benchmark (B) under MCOB 3B.1.2R(5A) insofar as the exclusion in article 2.2(f) of the benchmarks regulation applies to F in respect of B.