Related provisions for PERG 4.4.15

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MCOB 6.7.1RRP
(1) Where the regulated mortgage contract is for a business purpose or a high net worth mortgage customer2, a firm may choose to provide a customer with a business offer document or high net worth offer document (as applicable)2 instead of the offer document referred to in MCOB 6.4.1 R.(2) If a firm provides a customer with a business offer document or high net worth offer document2in accordance with (1), it must ensure that:(a) an updated business illustration or high net worth
MCOB 6.7.3GRP
A firm may supplement the first paragraph of text prescribed in MCOB 6.4.4 R (5)(a) to clarify that, while the regulated mortgage contract is not binding until the relevant mortgage document has been signed and funds have been released, the business offer document or high net worth offer document2 may form part of a wider set of negotiated facilities and that the customer is separately bound by these.
MCOB 4.1.4RRP
(1) MCOB 4.4A7 (Initial disclosure requirements) applies only in relation to 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) taking out a further advance; or(c) switching all or part of the regulated mortgage contract from one interest rate to another.1(2) Otherwise, this chapter, MCOB 4, applies in relation to any form of variation of a regulated mortgage contract.
MCOB 4.1.8GRP
1The FCA would not view the removal of a party to the regulated mortgage contract following the death of that party (and where no other variation is proposed) as a variation for the purposes of MCOB 4.1.4 R(1).
PERG 4.16.3GRP
A SPV does not carry on the regulated activity of entering into a regulated mortgage contract (or agreeing to do so), merely by acquiring the legal or beneficial interest in the contract from the original lender, or by providing funding to the original lender. If the contract is subsequently varied, a SPV should take care to avoid the original contract being replaced with a new regulated mortgage contract (see PERG 4.4.4 G). The original lender is, of course, likely to require
PERG 4.16.4GRP
If an unauthorised SPV arranges for an authorised person with permission to administer a regulated mortgage contract to administer its regulated mortgage contracts, it can avoid carrying on the regulated activities of:(1) administering a regulated mortgage contract, because of the exclusion in article 62 of the Regulated Activities Order (described in PERG 4.8.4 G);(2) arranging (bringing about) or making arrangements with a view to regulated mortgage contracts, because any arrangements
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 home finance transaction;33(2) varying the terms of a home finance transaction3 entered into by the customer in any of the following ways:3(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 home finance
MCOB 6.1.4RRP
In relation to a lifetime mortgage3, this chapter, MCOB 6, is modified by MCOB 9 (Equity release3: product disclosure).233
MCOB 12.1.4RRP
The payment shortfall4 charges and excessive charges requirements in this chapter1 will continue to apply to a firm after a regulated mortgage contract has come to an end following the sale of a repossessed property. The excessive charges requirements will continue to apply to a firm after a home reversion plan has ended.1 References in this chapter to 'customer' will include references to a former customer as appropriate. 14
MCOB 12.1.5ARRP
5The rules in MCOB 12.4 (Payment shortfall charges: regulated mortgage contracts) and MCOB 12.5 (Excessive charges: regulated mortgage contracts, home reversion plans and regulated sale and rent back agreements) apply to:6(1) second charge regulated mortgage contracts entered into before 21 March 2016, in relation to charges imposed on a customer for events occurring on or after 21 March 2016; and6(2) regulated mortgage contracts which are legacy CCA mortgage contracts secured
PERG 4.10.4GRP
Situations where this exclusion might apply, in the FCA's view, are set out below:(1) Advice by solicitors: the provision of legal services may involve a solicitor advising his client on the legal effects and consequences of entering into a particular regulated mortgage contract. To the extent that this may involve advice on the merits of entering into the contract it is likely to be a necessary part of the legal advice. But it would not be necessary for the solicitor to go on
PERG 4.10.6GRP
For each of the regulated activities of arranging (bringing about), making arrangements with a view to and advising on regulated mortgage contracts, the exclusions apply if the trustee or personal representative is acting in that capacity and:(1) the arrangements he makes concern the entering into or variation of regulated mortgage contracts and the contracts are to be entered into or varied either by himself and a fellow trustee or personal representative or by the beneficiary
PERG 2.7.7AGRP
There are ten93 arranging activities that are regulated activities under the Regulated Activities Order. These are:39(1) arranging (bringing about) deals in investments which are securities, relevant investments, structured deposits26 or the underwriting capacity of a Lloyd's syndicate or membership of a Lloyd's syndicate (article 25(1));(2) making arrangements with a view to transactions in investments which are securities, relevant investments, structured deposits26 or the underwriting
PERG 2.7.16BGRP
Under article 53A of the Regulated Activities Order, giving advice to a person in his capacity as borrower or potential borrower is a regulated activity if it is advice on the merits of the person:(1) entering into a particular regulated mortgage contract; or(2) varying the terms of a regulated mortgage contract.Advice on varying terms as referred to in (2) comes within article 53A only where the borrower entered into the regulated mortgage contract on or after 31 October 2004,
PERG 2.7.19IGRP
15A credit agreement is also an exempt agreement17 in the following cases:(1) if it is a borrower-lender agreement, the lender is a credit union and the rate of the total charge for credit (see CONC App 1) does not exceed 42.6 per cent provided that:42(a) the agreement is not an article 3(1)(b) credit agreement; or4235(b) the agreement is an article 3(1)(b) credit agreement but:4235(i) the agreement is of a kind to which section 423A(3) of the Act applies 35(see PERG 4.10A.5G(1)
MCOB 6.2.1GRP
(1) MCOB 6 amplifies Principle 6 and Principle 7. The purpose of MCOB 6 is to ensure that a customer receives a clear offer document to enable him to check the features and price of thehome finance transaction1 before he enters into it. The offer document should include an updated and suitably adapted illustration (for a regulated mortgage contract) or financial information statement (for a home purchase plan)1 so that the customer can compare it with the one1 he received before
MCOB 2A.6.1RRP
When an MCD mortgage lender or an MCD mortgage credit intermediary, provides information in compliance with the requirements in MCOB relating to an MCD regulated mortgage contract, it must provide that information free of charge.[Note: article 8 of the MCD]
MCOB 11.4.3RRP
This chapter applies:(1) if a firmenters into a regulated mortgage contract or home purchase plan with a customer; or(2) if a firm varies an existing regulated mortgage contract or home purchase plan; and throughout the term of any regulated mortgage contract or home purchase plan which a firm has entered into.
MCOB 5A.1.2GRP
(1) MCOB 5A amplifies Principle 6 and Principle 7.(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.(3) MCOB 5A
MCOB 13.7.1RRP
Where the regulated mortgage contract is for a business purpose or is with a high net worth mortgage customer4, a firm may as an alternative to MCOB 13.4.1 R(1) provide the following information in a durable medium instead of the MoneyHelper5 information sheet “Problems3 paying your mortgage”:2333(1) details of the consequences if the payment shortfall4 is not cleared;4(2) a description of the options available to the customer for clearing the payment shortfall4; and4(3) (in the
MCOB 7A.2.1RRP
When giving notice to a consumer of any changes that the consumer is required to make resulting from interest-rate changes for an MCD regulated mortgage contract, a firm must:(1) give notice of the amount of the payments to be made after the new interest-rate change takes effect; and(2) where the number or frequency of the payments will change, give particulars of these changes.[Note: article 27(1) of the MCD]
MCOB 11A.2.1RRP
An MCD mortgage lender must not cancel, or vary the terms of, an MCD regulated mortgage contract to the detriment of the consumer on the grounds that the assessment of affordability was incorrectly conducted or the information provided by the consumer prior to the agreement of the MCD regulated mortgage contract was incomplete. However, this does not apply where the MCD mortgage lender can demonstrate that the consumer knowingly withheld or falsified information relevant to the
MCOB 7.2.1GRP
(1) This chapter amplifies Principle 6 and Principle 7. 2(1A) 2This chapter requires information to be supplied to customers at the start of a2regulated mortgage contract to enable them to check that the regulated mortgage contract has been set up in accordance with their requirements and to notify them of the first and subsequent payments.2(2) Where a firm provides services to a customer in relation to a further advance, rate switch, or addition or removal of a party to a regulated
PERG 4.7.3GRP
A person who provides credit to a borrower under a regulated mortgage contract will enter into a regulated mortgage contract, even if the lending obligations under that contract are subsequently transferred to a third party. Consequently, a person who acts as a so-called 'correspondent lender' in the mortgage market will need to seek authorisation.
MCOB 2.1.1AGRP
1A payment shortfall is defined in the Handbook as the total sum of periodic payments of capital or interest (or both) that have become due under the terms of a regulated mortgage contract but which, in breach of those terms, remains unpaid. For the purpose of that definition, capital includes any amounts rescheduled over the term of the loan. An amount that has been rescheduled for payment over the remaining term of the mortgage in accordance with the terms of the contract does
MCOB 7B.1.2RRP
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.
MCOB 7A.3.1RRP
(1) If a consumer notifies a firm that they wish to discharge their obligations under an MCD regulated mortgage contract prior to its expiry, the firm must provide the consumer, without delay, with the information necessary to allow them to consider that option.(2) The information under (1) must:(a) quantify the implications for the consumer of discharging their obligations prior to the expiry of the MCD regulated mortgage contract; and (b) clearly set out any assumptions that
MCOB 3A.9.1RRP
1A firm must make an adequate record of each non-real time financial promotion of qualifying credit, home reversion plan or regulated sale and rent back agreement which it has confirmed as complying with the rules in this chapter. The record must be retained for a year from the date at which the financial promotion was last communicated.