Mortgage Applications - MCOB 5 - Pre-application dislcosure

Question 1

Pre-application disclosures are:

Answer 1

Info that must be provided before customer completes an application for an RMC

Question 2

If the firm has already provided an illustration and terms of the mortgage proposal have materially changed:

Answer 2

Another revised application must be given

Question 3

Illustration

Answer 3

Must be customer specific and given at the point when any recommendation is being made and before an application is made

Illustration must be clear, fair and not misleading and accurate reflection of the cost of the contract

Content is prescribed by FCA

Question 4

If a mortgage intermediary is used - Illustration must:

Answer 4

declare a fee is payable to the intermediary by the lender