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MCOB 7A.3 Early repayment disclosure

  1. (1)

    If a consumer notifies a firm that they wish to discharge their obligations under an MCD regulated mortgage contract prior to its expiry, the firm must provide the consumer, without delay, with the information necessary to allow them to consider that option.

  2. (2)

    The information under (1) must:

    1. (a)

      quantify the implications for the consumer of discharging their obligations prior to the expiry of the MCD regulated mortgage contract; and

    2. (b)

      clearly set out any assumptions that have been used.

  3. (3)

    The assumptions under (2)(b) must be reasonable and justifiable.

[Note: article 25(4) of the MCD]