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

MCOB 6.1 Application

Who?

MCOB 6.1.1RRP

This chapter applies to a firm in a category listed in column (1) of the table in MCOB 6.1.2 R in accordance with column (2) of that table.

MCOB 6.1.2RRP

This table belongs to MCOB 6.1.1R

(1) Category of firm

(2) Applicable section

mortgage lender

whole chapter

What?

MCOB 6.1.3RRP

This chapter applies with respect to an offer made by a firm to a customer with a view to the firm:

  1. (1)

    entering into a regulated mortgage contract; or

  2. (2)

    varying the terms of a regulated mortgage contract entered into by the customer in any of the following ways:

    1. (a)

      adding or removing a party;

    2. (b)

      making a further advance; or

    3. (c)

      switching all or part of the regulated mortgage contract from one interest rate to another;1

(whether or not the customer agrees to enter into the regulated mortgage contract or variation).

MCOB 6.1.4RRP

In relation to a regulated lifetime mortgage contract, this chapter, MCOB 6, is modified by MCOB 9 (Lifetime mortgages: product disclosure).2

MCOB 6.1.5RRP

In MCOB 6, a reference to an offer to enter into a regulated mortgage contract is to be read as including a reference to an offer to vary an existing regulated mortgage contract in a manner specified in if the context so requires.

MCOB 6.1.6GRP

Firms may diverge from the requirements in MCOB 5.6 (Content of illustrations) where necessary to reflect the fact that they are providing an illustration for a variation as part of an offer document.