Mortgage and home finance conduct of business—responsible lending, charges and arrears requirements
Mortgage and home finance conduct of business—responsible lending, charges and arrears requirements

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Mortgage and home finance conduct of business—responsible lending, charges and arrears requirements
  • Application of MCOB 11, MCOB 11A, MCOB 12 and MCOB 13
  • Responsible lending and financing requirements
  • Affordability assessments
  • Responsible lending or financing policy
  • Interest-only mortgages
  • Record keeping requirements
  • Removal of barriers for mortgage prisoners
  • Transitional arrangements
  • Additional MCD responsible lending requirements
  • More...

Mortgage and home finance conduct of business—responsible lending, charges and arrears requirements

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on the regulation of mortgage credit, see Practice Note: Impact of Brexit: mortgage credit—quick guide.

Application of MCOB 11, MCOB 11A, MCOB 12 and MCOB 13

This Practice Note provides an overview to the responsible lending and financing, charges and arrears and possessions requirements of the Financial Conduct Authority's (FCA) Mortgages and Home Finance: Conduct of Business sourcebook (MCOB) contained in MCOB 11, MCOB 11A, MCOB 12 and MCOB 13. These requirements are not uniform in their application.

Together, regulated mortgage contracts (RMCs), home reversion plans (HRPs), home purchase plans (HPPs) and sale and rent-back agreements (SRBAs) are referred to as home finance transactions (MCOB 1.2.2 G(1)). For more information about

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