Related provisions for MCOB 11.7.6
1 - 16 of 16 items.
(1) Except as provided in MCOB 11.6.3 R, MCOB 11.6.57 R (Interest roll-up mortgages) and MCOB 11.7 (Transitional arrangements):(a) before entering into, or agreeing to vary, a regulated mortgage contract or home purchase plan, a firm must assess whether the customer (and any guarantor of the customer's obligations under the regulated mortgage contract or home purchase plan) will be able to pay the sums due; and[Note: article 18(1) of the MCD]3(b) the firm must not enter into the
(1) MCOB 11.6.2 R does not apply to:(a) entering into a new regulated mortgage contract or home purchase plan as a replacement for an existing regulated mortgage contract or home purchase plan between the customer and the firm (either as the original mortgage lender or home purchase provider or as the transferee of the existing contract), whether or not the new contract relates to the same property; or(b) a variation of an existing regulated mortgage contract or home purchase
The effect of MCOB 5A.2.1 R and MCOB 5A.4.1R (1) is that, if a consumer's application to enter into an MCD regulated mortgage contract with a MCD mortgage lender, made through an MCD credit intermediary, is subsequently passed by that firm to another MCD mortgage lender, then the firm must ensure that the application is amended and the consumer is provided with an ESIS for the other MCD mortgage lender'sMCD regulated mortgage contract before the application is passed to the other
This chapter applies to an offer made by a firm to a consumer with a view to the firm:(1) entering into an MCD mortgage contract; (2) varying the terms of an MCD mortgage contract entered into by the consumer in any of the following ways:(a) adding or removing a party;(b) making a further advance; or(c) switching all or part of the MCD regulated mortgage contract from one interest rate to another;(whether or not the consumer agrees to enter into the MCD regulated mortgage contract
(1) If an MCD regulated mortgage contract gives the consumerfreedom of drawdown, the total amount of credit must be deemed to be drawn down immediately and in full.(2) If an MCD regulated mortgage contract provides different ways of drawdown with different charges or borrowing rates, the total amount of credit must be deemed to be drawn down at the highest charge and borrowing rate applied to the most common drawdown mechanism for that type of MCD regulated mortgage contract.(3)
1ActivityProducts/SectorsIs there an appropriate qualification4requirement?4Designated investment business carried on for a retail clientProviding basic advice1.Stakeholder products excluding a deposit-based stakeholder productNoAdvising or giving personal recommendations (as relevant)132.Giving personal recommendations on securities13 which are not stakeholder pension schemes, personal pension schemes7 or broker fundsYes3.Giving personal recommendations on derivatives13Yes24.Giving