Home finance
Changes to the Mortgages: Conduct of Business Sourcebook (MCOB)
From 6 April 2007, MCOB applies to activities carried on for three types of product: regulated mortgage contracts (which include lifetime mortgages), home purchase plans and home reversions.
Together these products are referred to under the umbrella term 'home finance transactions' and there will be a number of related new terms in the sourcebook and glossary. The link below explains these new terms.
The focus of the changes is the new activities we are regulating. For firms selling only standard mortgages (i.e. not lifetime mortgages) the changes relate to terminology only and do not affect the underlying requirements.
'Mortgages and Home Finance: Conduct of Business Sourcebook'
The long title of the sourcebook will change to refer to 'mortgages and home finance' but the short title, MCOB, will remain unchanged. This recognises that after April 2007, most firms that MCOB applies to will continue to be mortgage firms. By keeping the short title, there will be no need for those firms to change any references to MCOB in existing compliance documentation.
Further information
Home purchase plans - FAQs
Home reversion plans - FAQs
Home reversion plans - Factsheet
Disclosure - Help with disclosure documents