Related provisions for MCOB 7.6.32
1 - 3 of 3 items.
Before a customer submits an application to a firm for a further advance on an existing regulated mortgage contract or for a further advance that is a new regulated mortgage contract, if the further advance requires the approval of the mortgage lender, the firm must provide the customer with an illustration that complies with the requirements of MCOB 5 (Pre-application disclosure) and MCOB 7.6.9 R to MCOB 7.6.17 R for the further advance, unless an illustration has already been
(1) Where the further advance for which the customer has applied is in the form of an annual insurance premium secured by a first legal charge, a firm:(a) may, instead of providing an illustration in accordance with MCOB 7.6.7 R, provide confirmation of the matters required by MCOB 7.6.5 R; and(b) where (a) applies use the following text:"Your annual insurance premium has been/will be added to your mortgage account [unless you pay it by dd/mm/yy]. If you choose to pay it in full
Before a customer submits an application to a firm to change all or part of a regulated mortgage contract from one interest rate to another (for example, a transfer from a variable rate regulated mortgage contract to a fixed rate regulated mortgage contract, or from one fixed rate regulated mortgage contract to another fixed rate regulated mortgage contract), the firm must provide the customer with an illustration for the whole loan that complies with the requirements of MCOB
If a number of different firms are involved in relation to the transaction referred to in MCOB 7.6.18 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 customer with the illustration required by MCOB 7.6.18 R.
If a number of different firms are involved in relation to the transaction referred to in MCOB 7.6.22 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 customer with the illustration required by MCOB 7.6.22 R.
Where a customer simultaneously requests a rate switch and the addition or removal of a party to the loan, a firm will not be required to provide the customer with a separate illustration for each in accordance with MCOB 7.6.18 R and MCOB 7.6.22 R. The firm may provide the customer with a single illustration that complies with the requirements of MCOB 5 (Pre-application disclosure) for both.1