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Status: You are viewing the version of the handbook as on 2019-02-22.

MCOB 7B.1 1Information to be provided for further advances

MCOB 7B.1.1RRP

This chapter applies to a firm that is an MCD mortgage lender or an MCD mortgage credit intermediary.

MCOB 7B.1.2RRP

Before a consumer submits an application to a firm for a further advance on an existing or new MCD regulated mortgage contract or for a further advance that is a new MCD regulated mortgage contract, if the further advance requires the approval of the MCD mortgage lender, the firm must provide the consumer with an ESIS that complies with MCOB 5A (MCD pre-application disclosure) and MCOB 7B.1.4 R for the further advance, unless an ESIS has already been provided.

MCOB 7B.1.3GRP

If a number of different firms are involved in relation to the transaction in MCOB 7B.1.2 R, having regard to MCOB 2.5.4 R (2), those firms should take reasonable steps to establish which one of them is responsible for providing the consumer with the ESIS required by MCOB 7B.1.2 R.

MCOB 7B.1.4RRP

The ESIS provided under MCOB 7B.1.2 R must be based on the amount of the further advance only.

MCOB 7B.1.5GRP

To comply with MCOB 7B.1.4 R, a firm should calculate the APRC on the basis of the further advance amount only.