Amendment to Clause 10 in CML handbook

Clause 10 change to allow a 7 day period following offer of mortgage for cooling off effective from 1st February 2016.

“The amendment is designed to reflect the introduction of a requirement, as the result of the Mortgage Credit Directive, for mortgage customers to have a ‘reflection period’, of at least seven days before accepting a mortgage offer. Recital 23 and Article 14(6) of the Directive set this out. The customer can bring that reflection period to an end earlier, by accepting the mortgage offer.”