MCOB 6A.1 1Application and purpose
1This chapter applies to a firm that is an MCD mortgage lender.
This chapter applies to an offer made by a firm to a consumer with a view to the firm:
- (1)
entering into an MCD mortgage contract;
- (2)
varying the terms of an MCD mortgage contract entered into by the consumer in any of the following ways:
- (a)
adding or removing a party;
- (b)
making a further advance; or
- (c)
switching all or part of the MCD regulated mortgage contract from one interest rate to another;
(whether or not the consumer agrees to enter into the MCD regulated mortgage contract or variation).
- (a)
- (3)
In MCOB 6A, a reference to varying an MCD regulated mortgage contract is to be read as including a reference to an offer to vary an existing MCD regulated mortgage in a manner specified in this section.
MCOB 6A amplifies Principle 6 and Principle 7. The purpose of MCOB 6A is to ensure that a customer receives a clear offer document to enable them to check the features and price of the MCD regulated mortgage contract before they enter into it.