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MCOB 3B.1 1Provision of general information

MCOB 3B.1.1 R

This chapter applies to a firm that is an MCD mortgage lender or a tied MCD mortgage credit intermediary.

MCOB 3B.1.2 R

A firm must make available clear and comprehensible information about MCD regulated mortgage contracts at all times on paper, or on another durable medium or in electronic form, that includes:

  1. (1)

    the identity and the geographical address of the firm;

  2. (2)

    the purposes for which the credit may be used;

  3. (3)

    the forms of security, including, where applicable, the possibility for it to be located in a different EEA State;

  4. (4)

    the possible duration of the MCD regulated mortgage contracts;

  5. (5)

    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;

  6. (6)

    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;

  7. (7)

    a representative example of the total amount of credit, the total cost of the credit to the consumer, the total amount payable by the consumer and the APRC;

  8. (8)

    an indication of possible further costs, not included in the total cost of the credit to the consumer, to be paid in connection with an MCD regulated mortgage contract;

  9. (9)

    the different options available for repaying the credit to the MCD mortgage lender, including the number, frequency and amount of the regular repayment instalments;

  10. (10)

    where applicable, a clear and concise statement that compliance with the terms and conditions of the MCD regulated mortgage contract does not ensure repayment of the total amount of credit;

  11. (11)

    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;

  12. (12)

    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

  13. (13)

    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]

MCOB 3B.1.3 G
  1. (1)

    A firm may make the information in MCOB 3B.1.2 R available by publishing it on a website.

  2. (2)

    The MCD regulated mortgage contracts in MCOB 3B.1.2 R are those offered or entered into by the firm.