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FCA Handbook
MOGI
MOGI App
MOGI AppA Appendix A: brief description of terms i...

MOGI AppA Appendix A: brief description of terms in Part II

MOGI AppA 1.1G01/12/2004

Defined term	Meaning
Arrears	A shortfall that a consumer has in payments due on his mortgage equivalent to two or more regular payments.
Distance contract	A contract concluded without any face-to-face contact with the consumer (by telephone, internet, email or post).
Durable medium	In a form that a consumer can keep and refer to as needed. It can include paper, disk and e-mail.
Financial promotion	An advertisement, brochure, mailshot, telemarketing or sales aid.
Illustration	The key facts illustration (KFI) describing the costs and features of a mortgage.
Lifetime mortgage	A mortgage aimed at older consumers and designed to release equity to provide a lump sum or income.
Mortgage adviser	A firm that advises on regulated mortgages.
Mortgage arranger	A firm that arranges regulated mortgages or makes arrangements with a view to regulated mortgages.
Mortgage intermediary	A firm that advises, arranges or makes arrangements with a view to regulated mortgages.
Mortgage mediation activity	Advising on, arranging or making arrangements with a view to regulated mortgages.
Non-real time qualifying credit promotion	A financial promotion relating to a mortgage that is not made in during a personal visit, telephone call or other interactive manner, for example a newspaper advertisement, TV commercial, leaflet or a mailshot.
Personal recommendation	A recommendation given to a specific person (or group or people) to take out or vary a particular regulated mortgage.
Qualifying credit	Any secured credit provided by a lender who is authorised for mortgage activities.
Real time qualifying credit promotion	A financial promotion made in the course of a telephone call, personal visit or any other interactive manner (but not including a financial promotion made by e-mail).
Regulated mortgage contract (RMC)	A loan to an individual secured by first charge on land in the UK, where the property is to be at least 40% used by the borrower or a member of his immediate family. Second charge loans are therefore not RMCs and buy-to-let mortgages are extremely unlikely to be RMCs.