FCA Handbook - MCOB 7B.1 Information to be provided for further advances

You are viewing MCOB 7B.1 Information to be provided for further advances as of . MCOB 7B.1 Information to be provided for further advances was last updated on 21/03/2016.

Rules

Guidance

Related resources

MCOB 7B.1 Information to be provided for further advances

This chapter applies to a firm that is an MCD mortgage lender or an MCD mortgage credit intermediary.

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.

If a number of different firms are involved in relation to the transaction in MCOB 7B.1.2 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 consumer with the ESIS required by MCOB 7B.1.2 R.

The ESIS provided under MCOB 7B.1.2 R must be based on the amount of the further advance only.

To comply with MCOB 7B.1.4 R, a firm should calculate the APRC on the basis of the further advance amount only.