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MCOB 5.3 Applying for a 1home finance transaction1


A home finance provider1 must not enter into a home finance transaction1, or agree to do so, with a customer unless the customer has submitted an application for that particular home finance transaction.1

  1. (1)

    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 home finance transaction for which he has applied, and has had the opportunity to satisfy himself that it is appropriate for him.1

  2. (2)

    In relation to a regulated mortgage contract, 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).1