Subject to MCOB 7.1.2A R, this chapter applies to a firm in a category listed in column (1) of the table in MCOB 7.1.2 R in accordance with column (2) of that table.
MCOB 7.1 Application
You are viewing MCOB 7.1 Application as of . MCOB 7.1 Application was last updated on 21/03/2016.
MCOB 7.1 Application
Who?
21/03/2016R
This table belongs to MCOB 7.1.1R
30/06/2010R
| (1) Category of firm | (2) Applicable section |
|---|---|
| mortgage lender | whole chapter except MCOB 7.8 |
| mortgage administrator | MCOB 7.1 - MCOB 7.3 and MCOB 7.5 - MCOB 7.7. |
| mortgage adviser and mortgage arranger | MCOB 7.1 - MCOB 7.3 and MCOB 7.6.7 R - MCOB 7.7.4 R |
| home purchase provider | MCOB 7.1.1 R to MCOB 7.1.4 R, MCOB 7.2, MCOB 7.3 and MCOB 7.8 |
| home purchase administrator | As for a home purchase provider except MCOB 7.8.1 R and MCOB 7.8.2 G do not apply |
| home purchase adviser and home purchase arranger | MCOB 7.1.1 R to MCOB 7.1.4 R, MCOB 7.2 and MCOB 7.8.7 G |
| see MCOB 9.6 for the application of this chapter | |
| SRB administrator | MCOB 7.9 |
| SRB agreement provider | MCOB 7.1 to MCOB 7.3 and MCOB 7.9 |
21/03/2016R
MCOB 7.6.7 R to MCOB 7.6.17 R do not apply to a firm that is an MCD mortgage lender or MCD mortgage credit intermediary.
21/03/2016G
MCOB 7B applies to a firm that is an MCD mortgage lender or MCD mortgage credit intermediary, instead of MCOB 7.6.7 R to MCOB 7.6.17 R.
What?
06/04/2007R
This chapter applies if a firm:
- (1)
enters into a home finance transaction with a customer; or
- (2)
administers a home finance transaction which was entered into with a customer; or
- (3)
arranges or advises on or makes a further advance or other variation to the terms of a home finance transaction entered into with a customer.
06/04/2007R
This chapter applies in relation to further advances and other variations (as specified in MCOB 7.6.7 R - MCOB 7.7.4 R in relation to a regulated mortgage contract) regardless of whether they are variations to an existing home finance transaction or are such that they involve the customer entering into a new home finance transaction.
31/10/2004R
This chapter also applies in relation to regulated mortgage contracts in circumstances where the original mortgage lender has passed on ownership of the loan to a third party through securitisation. In such a case, the rules in MCOB 7.5 - MCOB 7.7.4 R will apply to the firm which administers the regulated mortgage contract.
31/10/2004R
In MCOB 7.6.7 R (Further advances), MCOB 7.6.18 R (Rate switches) and MCOB 7.6.22 R (Addition or removal of a party to the contract), if a customer submits an informal application as his first contact with a firm, the illustration required to be provided to a customer in accordance with those rules must be provided and the transaction must not proceed until the customer has made a formal application confirming that it should proceed.
06/04/2007R
In relation to a lifetime mortgage, this chapter is modified by MCOB 9 (Equity release: product disclosure).