The unit looks at mortgage products and services offered by the financial services sector in the UK from a residential and commercial perspective. We will discuss the impact of the Mortgages and Home Finance: Conduct of Business Sourcebook (MCOB) and look at the training and competence requirements to which those working in the mortgage environment must adhere.
For customers, technology has changed the house-buying process and we look at the options available and consider the impact of different types of potential structural and non-structural issues and explore the options that are available to lenders.
We will look at stamp duty land tax (SDLT) in England and Northern Ireland, buildings transaction tax (LBTT) in Scotland and land transaction tax (LTT) in Wales. We then consider their implications for customers such as first-time buyers, buy to let, purchasers of single properties as well as those buying multiple properties in a single transaction.
We consider help available to customers experiencing financial difficulty before moving on to those relying on state assistance to pay their mortgage. We also discuss the potential impact of taxation when property is disposed. Finally, we will look at the practical application through a series of case studies and explore why it is important for mortgage advisers to maintain regular contact with customers and to hold regular reviews.
Building a successful career in personal finance
Advanced Mortgage Advice (R07). This unit is relevant for anyone seeking to give mortgage advice to clients and those in financial planning support roles. It is also suitable for paraplanners, technical consultants, supporting roles and those seeking additional CII credits towards completion of the Diploma in Financial Planning. those who do not hold additional CII credits counting towards completion of the Diploma in Financial Planning.
Purpose
At the end of this unit, candidates should understand the:
Assessment
Course delivery
Instructions on accessing your course on RevisionMate will be sent to your registered email address. This is typically within two working days of your order being placed, but may be longer, particularly if payment is made by bank transfer or the unit is available as a pre-order.
Study material - editions available
2024-25 edition (applicable to exams sat 01 Sep 2024 to 31 Aug 2025)
These updates are Learning Solutions updates for study purposes.
2024-25 edition
To view a list of the main areas of change in the 2024-25 edition, please click here
Study text updates:
R07_2024-25_web_update_2_22_01-2025
R07_2024-25_web_update_1_18_12-2024
Chancellor's Budget/Statement and tax tables updates for 2024-25 edition:
Testing Position
Tax year
Financial Ombudsman Service Award Limit Change
Changes to the Financial Ombudsman Service (FOS) award limits come into effect on 1 April 2024. Examinations will be reflective of these changes from 1 July 2024.
Stamp Duty Land Tax
Changes to the Stamp Duty Land Tax due on the purchase of second homes, buy-to-let residential properties, and companies purchasing residential property came into effect on 31 October 2024. Examinations will be reflective of these changes from 30 January 2025.
Changes to the residential Stamp Duty Land Tax rates come into effect on 1 April 2025. Examinations will be reflective of these changes from 1 April 2025.
Right to Buy
Changes to the Right to Buy discount came into effect on 21 November 2024. Examinations will be reflective of these changes from 30 January 2025.
Capital Gains Tax
Changes to the Capital Gains Tax rate specific to the tax year 2024/2025 came into effect on 30 October 2024. Examinations will be reflective of these changes from 30 January 2025.
The R07 Examination Guide for exams from 1 September 2022 to 31 August 2023 was first published in June 2022. Any questions which have been amended since the examination guide was first published will appear below.