Related provisions for MCOB 7.1.4

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MCOB 9.4.6RRP
As a minimum the illustration must be personalised to reflect the following:(1) the specific regulated lifetime mortgage contract in which the customer is interested;(2) the amount of the loan required by the customer, or for drawdown mortgages, the amount the customer wishes to draw down on a monthly (or such frequency that amounts are available) basis. Where the amount the customer can draw down is variable, the firm must agree with the customer an expected amount to be drawn
MCOB 9.4.17RRP
The following information must be included at the head of the illustration: (1) the customer's name;(2) the date of issue of the illustration;(3) details of how long the illustration is valid for, and whether there is any date by which the regulated lifetime mortgage contract covered by the illustration needs to commence (for example, where a fixed interest rate is only available if the regulated lifetime mortgage contract commences before a certain date); and(4) the prescribed
MIPRU 4.2.12RRP
(1) The capital resources requirement for a firm carrying on mortgage lending or mortgage lending and mortgage administration (and no other regulated activity) is the higher of:(a) £100,000; and(b) 1% of:(i) its total assets plus total undrawn commitments; less:(ii) excluded loans plus intangible assets (see Note 1 in the table in MIPRU 4.4.4 R).(2) Undrawn commitments means the total of those amounts which a borrowerhas the right to draw down from the firm but which have not
MIPRU 4.2.18RRP
The capital resources requirement for a firm carrying on mortgage administration only, which has all or part of the regulated mortgage contracts that it administers on its balance sheet, is the amount which is applied to a firm carrying on mortgage lending or mortgage lending and mortgage administration (and no other regulated activity) (see MIPRU 4.2.12 R).
MIPRU 4.2.20RRP
The capital resources requirement for a firm carrying on insurance mediation activity and mortgage lending or mortgage administration is the sum of the requirements which are applied to the firm by: (1) the capital resources rule for a firm carrying on insurance mediation activity or mortgage mediation activity (and no other regulated activity) (see MIPRU 4.2.11 R); and(2) (a) the capital resources requirement rule for a firm carrying on mortgage lending or mortgage lending
MIPRU 4.2.21RRP
(1) If a firm carrying on mortgage mediation activity and mortgage lending or mortgage administration does not hold client money or other client assets in relation to its mortgage mediation activity, the capital requirement isthe amount applied to a firm, according to the activities carried on by the firm, by:(a) the capital resources requirement rule for a firm carrying on mortgage lending or mortgage lending and mortgage administration (and no other regulated activity) (see
MIPRU 4.2.22RRP
The capital resources requirement for a firm carrying any other combination of regulated activities is the amount which is applied to a firm carrying on insurance mediation activity and mortgage lending or mortgage administration (see MIPRU 4.2.20 R).
MCOB 1.2.2GRP
The application of most of MCOB is expressed by reference to four types of firm: mortgage lenders, mortgage administrators, mortgage arrangers and mortgage advisers. This includes those firms that provide business loans to customers under a regulated mortgage contracts (see MCOB 1.2.3 R to MCOB 1.2.9 G). A single firm may fall into more than one of these types. Guidance on these firm types, the regulated mortgage activities which they carry on, a description of what those activities
MCOB 2.3.2RRP
A firm must take reasonable steps to ensure that it, and any person acting on its behalf, does not: (1) offer, give, solicit or accept an inducement; or (2) direct or refer any actual or potential business in relation to a regulated mortgage contractto another person on its own initiative or on the instructions of an associate; if it is likely to conflict to a material extent with any duty that the firm owes to its customers in connection with a regulated mortgage contract or
MCOB 2.3.7RRP
(1) A mortgage lender must quantify, in cash terms, any material inducement it offers to a mortgage intermediary or a third party. (2) In quantifying the value of the material inducement, the firm must include any subsequent payments (such as a trail fee) made where the customer continues with the sameregulated mortgage contract.
MCOB 2.3.8GRP
(1) Quantification of any material inducement offered by the mortgage lender supports the disclosure requirements elsewhere in MCOB. Further guidance on the disclosure of any inducement in cash terms is provided in MCOB 5.6.118 G.(2) A payment made to a third party unconnected with themortgage intermediary, where that payment only reflects the cost of outsourcing work relating to the processing of mortgage applications, would not be considered an inducement in the context of
MCOB 9.3.1RRP
(1) MCOB 5.1 to MCOB 5.5 (with the modifications stated in MCOB 9.3.2 R to MCOB 9.3.12 R) apply to a firm where the regulated mortgage contract is a regulated lifetime mortgage contract. (2) The table in MCOB 9.3.2 R shows how the relevant rules and guidance in MCOB 5 must be modified by replacing the cross-references with the relevant cross-references to rules and guidance in MCOB 9.3 and MCOB 9.4.(3) The table in MCOB 9.3.3 R replaces certain rules and guidance in MCOB 5 with
MCOB 9.3.2RRP

Table of modified cross-references to other rules.

This table belongs to MCOB 9.3.1 R.

Subject

Rule or guidance

Reference in rule or guidance

To be read as a reference to:

Variations

MCOB 5.1.3R(2)

MCOB 7

MCOB 7 as modified by MCOB 9

Part of loan not a regulated lifetime mortgage contract

MCOB 5.1.9G

MCOB 5.6.6R(2)

MCOB 9.4.6R(2)

Waiver of provisions

MCOB 5.1.10G

MCOB 5.6

MCOB 9.4.

Purpose

MCOB 5.2.1G

MCOB 5

MCOB 5 as modified by MCOB 9

Applying for a regulated lifetime mortgage contract

MCOB 5.3.2G

MCOB 5.6.26R and MCOB 5.6.27R

MCOB 9.4.26R and MCOB 9.4.27R

Tied products

MCOB 5.4.24G

MCOB 5.6.74R

MCOB 9.4.73R

Issue of offer document in place of illustration

MCOB 5.5.3G

MCOB 6.4 and MCOB 6.6

MCOB 6.4 and MCOB 6.6 as modified by MCOB 9

Customer's credit record

MCOB 5.5.16R

MCOB 5.5.15R(4)

MCOB 9.3.12R(3)

PERG 8.17.12GRP
Article 28B (Real time communications: introductions in connection with qualifying credit) exempts a real time financial promotion that relates to one or more of the controlled activities about regulated mortgage contracts. The exemption is subject to the following conditions being satisfied:(1) the financial promotion must be made for the purpose of, or with a view to, introducing the recipient to a person ('N') who is:(a) an authorised person who carries on the controlled activity
MCOB 8.3.1RRP
(1) MCOB 4.1 to MCOB 4.6 and MCOB 4.8 (with the modifications stated in MCOB 8.3.3 R and MCOB 8.3.4 R) apply to a firm where the regulated mortgage contract is a regulated lifetime mortgage contract.(2) The table in MCOB 8.3.3 R shows how the relevant rules and guidance in MCOB 4 must be modified by replacing the cross-references in that chapter with the relevant cross-references to rules and guidance in MCOB 8.(3) The table in MCOB 8.3.4 R replaces certain rules and guidance
MCOB 6.1.3RRP
This chapter applies with respect to an offer made by a firm to a customer with a view to the firm:(1) entering into a regulated mortgage contract; or(2) varying the terms of a regulated mortgage contract entered into by the customer 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 regulated mortgage contract from one interest rate to another;1(whether or not the customer agrees to enter into the regulated
MCOB 5.3.2GRP
The purpose of MCOB 5.3.1 R, taken in conjunction with other rules in this chapter, is to ensure that the customer has received details of the particular regulated mortgage contract for which he has applied, in the form of an illustration, and has had the opportunity to satisfy himself that it is appropriate for him. The application should identify the type of interest rate, rate of interest, and the mortgage lender at the point it is submitted by the customer (for how to describe