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MCCB guide sets out code rights

The Mortgage Code Comp-liance Board is publishing a new edition of its You and Your Mortgage guide which aims to inform consumers of their rights under the mortgage code.

The guide includes a number of changes which aim to reflect the measures recommended in the DeAnne Julius report on banking.

The changes include the removal of the out-of-date reference to Miras in the list of information to be provided by registered firms.

A statement now has to be included indicating that all lenders and intermediaries will ensure staff are appropriately trained, qualified, experienced and supervised.

Another new statement explains all lenders will follows the Council of Mortgage Lender&#39s policy on mortgage shortfall debts and states that fees for arranging mortgages by intermediaries can only be retained if the mortgage reaches completion.

The MCCB&#39s contact details are included on the back of the guide and its website address has been added to each page.

The guide is intended to be the principal means of informing consumers about minimum service standards they should expect under the mortgage code and all potential customers must be given a copy when they first discuss a mortgage.

Chief executive Luke March says: “The new guide provides an up-to-date summary of the provisions of the code, detailing the protection measures afforded to consumers – not least the enhan-ced training and competence requirements placed on advi-sers, including compulsory mortgage qualifications.”


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