Related provisions for MCOB 13.3.4B
21 - 40 of 63 items.
A firm must not enter into or arrange an execution-only sale for a equity release transaction unless:(1) the customer has rejected the advice given by the firm and instead requested an execution-only sale of an equity release transaction;(2) the customer has identified which particular equity release transaction he wishes to purchase, and specified to the firm at least the required additional information (where applicable);(3) after providing the required information in (2), the
(1) Whenever a firmenters into or arranges an execution-only sale for an equity release transaction, it must make and maintain a record of:, (a) the required information provided by the customer which satisfies MCOB 8.6A.4R (2);(b) the information in durable medium in MCOB 8.6A.4R (3);(c) the confirmation by the customer in MCOB 8.6A.4R (4) (where applicable); and(d) any advice from the firm which the customer rejected, including the reasons why it was rejected, before deciding
3In complying with MCOB 13.3.2AR(6):(1) a firm must consider whether, given the individual circumstances of the customer, it is appropriate to do one or more of the following in relation to the regulated mortgage contract or home purchase plan with the agreement of the customer:(a) extend its term; or(b) change its type; or(c) defer payment of interest due on the regulated mortgage contract or of sums due under the home purchase plan (including, in either case, on any sale shortfall);
(1) An MCD mortgage lender must specify in a fair, clear and not misleading way, in good time before assessing affordability of a MCD regulated mortgage contract, to a consumer:(a) all the necessary information and independently verifiable evidence that the consumer needs to provide; and(b) the timeframe within which the consumer needs to provide the information or evidence.(2) A request for information or evidence under (1) must be proportionate and limited to what is necessary
(1) Where an MCD mortgage lender rejects a consumer's application for an MCD regulated mortgage contract, the MCD mortgage lender must inform the consumer without delay:(a) of the rejection and, where applicable, that the decision is based on automated processing of data; and(b) where the rejection is based on the result of the database consultation, of the result of such consultation and of the particulars of the database consulted.[Note: article 18(5)(c) of the MCD](2) No obligation
(Subject to MCOB 7.7.5 R) a firm that enters into a regulated mortgage contract with a customer must provide the customer with the following information before the customer makes the first payment under that regulated mortgage contract:1(1) the amount of the first payment required;(2) the amount of the subsequent payment(s) if different from the first payment;(3) the method by which the payment will be collected (for example, by direct debit) and the date of collection of the
(1) A firm must make and retain an adequate record of the information that it provides to each customer at the start of the regulated mortgage contract in accordance with this section.(2) The record required by (1) must be maintained for a year from the date that the information is provided to the customer.
A firm must ensure that, as soon as possible after the sale of a repossessed property, if the proceeds of sale are less than the amount due under the regulated mortgage contract or home purchase plan1, the customer is informed in a durable medium of:1(1) the sale shortfall; and(2) where relevant, the fact that the sale shortfall1may be pursued by another company (for example, a mortgage indemnity insurer).1
(1) If the decision is made to recover the sale shortfall,1 the firm must ensure that the customer is notified of this intention.1(2) The notification referred to in (1) must take place within five years of the date of the sale (if the regulated mortgage contract or home purchase plan1is subject to Scottish law) or within six years (in all other cases).
A firm must ensure that, on the sale of a repossessed property, if the proceeds of sale are more than the amount due under the regulated mortgage contract or home purchase plan1, reasonable steps are taken, as soon as possible after the sale, to inform the customer in a durable medium of the surplus and, subject to the rights of any subsequent mortgage or charge holders, to pay it to him.1
If, notwithstanding the steps taken by a firm to comply with MCOB 1.6.3 R, it transpires that a mortgage which the firm has treated as unregulated or as a regulated credit agreement4 is in fact a regulated mortgage contract, the firm must as soon as practicable after the correct status of the mortgage has been established:(1) contact the customer and provide him with the following information in a durable medium:(a) a statement that the mortgage contract is a regulated mortgage
A firm must:(1) reproduce the text in MCOB 5A Annex 1 R in the ESIS;(2) replace the indications between square brackets with the corresponding information; (3) complete the ESIS in accordance with MCOB 5A Annex 2;(4) wherever the words “where applicable” are indicated:(a) provide the information required, if it is relevant to the MCD regulated mortgage contract; or(b) where the information is not relevant to the MCD regulated mortgage contract, delete the information in question
Table of modified cross-references to other rules.This table belongs to MCOB 9.3.1 R.SubjectRule or guidanceReference in rule or guidanceTo be read as a reference to:VariationsMCOB 5.1.3R(2)MCOB 7MCOB 7 as modified by MCOB 9Part of loan not an equity release transaction22MCOB 5.1.9GMCOB 5.6.6R(2)MCOB 9.4.6R(2)Waiver of provisionsMCOB 5.1.10GMCOB 5.6MCOB 9.4.PurposeMCOB 5.2.1GMCOB 5MCOB 5 as modified by MCOB 9Applying for a lifetime mortgage22MCOB 5.3.2GMCOB 5.6.26R and MCOB 5.6.27R
If a customer requests, or agrees to, a change to a lifetime mortgage.3(other than a change as described in MCOB 7.6.7 R to MCOB 7.6.27 R (as modified by MCOB 9)) that changes the amount paid to the customer under a drawdown mortgage, or the amount that the customer will owe under an interest roll-up mortgage5, or both, a firm must provide the customer with the following information, in a single communication, before the change takes effect:3(1) the amount outstanding on the lifetime
12(1) Principle 6 (Customers' interests) requires that a firm must pay due regard to the interests of its customers and treat them fairly. This means, for example, that a firm should avoid selling practices that commit customers (or lead customers to believe that they are committed) to any regulated mortgage contract or home reversion plan before they have been able to consider the illustration and offer document. One such practice might be to present a new customer with an illustration,
Principle 7 (Communications with clients) requires that a firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. This means, for example, that a firm should avoid giving any customer a false impression about the availability of a regulated mortgage contract, home reversion plan1 or regulated sale and rent back agreement2, such as describing it as a 'special offer' not available after
In relation to a regulated mortgage contract, where2 part of the loan is not a regulated mortgage contract, for example it is a linked unsecured loan, the details of this loan can be shown in Section 12 of the illustration as an additional feature. It should not be added to the regulated mortgage contract loan amount in MCOB 5.6.6 R(2).2
A consumer2 has no right to cancel a home finance transaction1 concluded with a firm but may have a right to cancel a distance contract concluded with a mortgage intermediary,3 a home purchase intermediary or a SRB intermediary31for the provision of his services. Whether a mortgage intermediary,3 a home purchase intermediary or a SRB intermediary31 concludes a distance mortgage mediation contract,3 a distance home purchase mediation contract or a distance regulated sale and rent
(1) If a firm commences legal proceedings against a customer in respect of a regulated mortgage contract or a home purchase plan, it must give notice of the commencement of the legal proceedings to all persons specified in MCOB 13.4A.2 R at the time of their commencement, or as soon as reasonably practicable afterwards.(2) If a customer voluntarily surrenders possession of their property to a firm, the firm must give all persons specified in MCOB 13.4A.2 R notice of the surrender
(1) A firm must warn any consumer with a foreign currency loan, on a regular basis, where the value of either: (a) the total amount payable by the consumer which remains outstanding; or (b) the regular instalments;varies by more than 20% from what it would be if the exchange rate between the currency of the MCD regulated mortgage contract and the currency of the EEA State, applicable at the time of the conclusion of the MCD regulated mortgage contract, were applied.(2) The warning
A firm may have entered into a mix of regulated mortgage contracts and non-regulated mortgage contracts with a customer secured on the same property. In such circumstances, if the regulated mortgage contract is in arrears, notwithstanding that the overall position in respect of the mortgages generally is not in arrears, the firm will need to comply with all the requirements of MCOB 13 in respect to the regulated mortgage contract. Where this involves providing the customer with
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.
(1) An MCD mortgage lender or MCD mortgage credit intermediary must provide, orally or in a durable medium, adequate explanations to the consumer of the proposed MCD regulated mortgage contract and any ancillary services, before any binding offer is issued to that consumer, to enable the consumer to assess whether the proposed MCD regulated mortgage contract and ancillary services meets their needs and financial situation.[Note: article 16(1) of the MCD](2) The explanations must,
In complying with MCOB 4A.2.1 R, a firm may adapt the manner and extent of giving the explanations, as well as the person giving them, according to:(1) the circumstances of the situation in which the MCD regulated mortgage contract is offered;(2) the consumer to whom it is offered; and(3) the nature of the MCD regulated mortgage contract offered.[Note: article 16(2) of the MCD]