Lovely in Surrey, however, I am stuck in my office reviewing mortgage documentation for a large Jockish mortgage lender. Ah, the joys of MCoB, such pearls as:-
"The illustration provided in accordance with MCoB 7.6.7R must:
(1) be based on the amount of the further advance only;
(2) use the term ?additional borrowing? in place of the term ?mortgage? where appropriate throughout the titles and text of the illustration"
and
"Provides a description of interest rate type and rate of interest that applies in format described in MCOB 5.6.26R and MCOB 5.6.27R
Required wording for a Discounted rate - must be described as a:
variable rate, currently X%, with a discount of Y% [where applicable insert the date at which the discount ends or the period for which the discount applies], giving a current rate payable of Z%."
