MOGI App
Appendix A: brief description of terms in Part II
MOGI AppA
Appendix A: brief description of terms in Part II
- 01/12/2004
MOGI AppA 1.1
See Notes
Defined term | Meaning |
Arrears | A shortfall that a consumer has in payments due on his mortgage equivalent to two or more regular payments. |
Distance contract | A contract concluded without any face-to-face contact with the consumer (by telephone, internet, email or post). |
Durable medium | In a form that a consumer can keep and refer to as needed. It can include paper, disk and e-mail. |
Financial promotion | An advertisement, brochure, mailshot, telemarketing or sales aid. |
Illustration | The key facts illustration (KFI) describing the costs and features of a mortgage. |
Lifetime mortgage | A mortgage aimed at older consumers and designed to release equity to provide a lump sum or income. |
Mortgage adviser | A firm that advises on regulated mortgages. |
Mortgage arranger | A firm that arranges regulated mortgages or makes arrangements with a view to regulated mortgages. |
Mortgage intermediary | A firm that advises, arranges or makes arrangements with a view to regulated mortgages. |
Mortgage mediation activity | Advising on, arranging or making arrangements with a view to regulated mortgages. |
Non-real time qualifying credit promotion | A financial promotion relating to a mortgage that is not made in during a personal visit, telephone call or other interactive manner, for example a newspaper advertisement, TV commercial, leaflet or a mailshot. |
Personal recommendation | A recommendation given to a specific person (or group or people) to take out or vary a particular regulated mortgage. |
Qualifying credit | Any secured credit provided by a lender who is authorised for mortgage activities. |
Real time qualifying credit promotion | A financial promotion made in the course of a telephone call, personal visit or any other interactive manner (but not including a financial promotion made by e-mail). |
Regulated mortgage contract (RMC) | A loan to an individual secured by first charge on land in the UK, where the property is to be at least 40% used by the borrower or a member of his immediate family. Second charge loans are therefore not RMCs and buy-to-let mortgages are extremely unlikely to be RMCs. |
- 01/12/2004