MCOB 5A.1 1Application and purpose
This chapter applies to a firm that is an MCD mortgage lender or MCD mortgage credit intermediary.
- (1)
- (2)
The purpose of MCOB 5A is to ensure that, before a consumer submits an application for a particular MCD regulated mortgage contract, they are supplied with information that makes clear:
- (a)
its features, any linked deposits, any linked borrowing and any tied products; and
- (b)
the price that the consumer will be required to pay under that contract, to enable the consumer to make a well-informed purchasing decision.
- (a)
- (3)
MCOB 5A requires information to be disclosed in a consistent way to facilitate comparison between products of different providers.