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Status: You are viewing the version of the handbook as on 2005-06-30.

MCOB 5.3 Applying for a regulated mortgage contract

MCOB 5.3.1RRP

A mortgage lender must not enter into a regulated mortgage contract, or agree to do so, with a customer unless the customer has submitted an application for that particular regulated mortgage contract.

MCOB 5.3.2GRP

The purpose of MCOB 5.3.1 R, taken in conjunction with other rules in this chapter, is to ensure that the customer has received details of the particular regulated mortgage contract for which he has applied, in the form of an illustration, and has had the opportunity to satisfy himself that it is appropriate for him. The application should identify the type of interest rate, rate of interest, and the mortgage lender at the point it is submitted by the customer (for how to describe interest rates see MCOB 5.6.26 R and MCOB 5.6.27 R).