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MOGI 2.4 Disclosure at the offer stage (MCOB 6)


MOGI 2.4.1G

This section of the Guide sets out the offer stage disclosure rules in chapter 6 of MCOB (MCOB 6). These rules set out our requirements for mortgage offers. Although MCOB 6 only applies to lenders, they may need to ask you to give them information to help them prepare the offer. For example, they may ask you to confirm the level of service you provided and details of any fees you may have charged.

When is an offer document required?

MOGI 2.4.2G

A lender must provide an offer document which complies with the rules in MCOB 6 when making an offer to a consumer for a new mortgage or for the following variations to a mortgage: further advances; adding or removing a party to the mortgage (transfers of equity); and product switches (transferring all or part of the mortgage to a new rate).

What does the offer document contain?

MOGI 2.4.3G

The offer document must include an updated and suitably-adapted KFI as an integral part of the offer rather than a separate document (MCOB 6.4.9 R). MCOB 6.4.7 R allows a lender to include greater detail within the specified sections of the KFI than allowed by MCOB 5. Lenders may also add extra information at the beginning and at the end of the offer document.