If a recommendation is made over the phone, within how many working days must an illustration be sent?

• A. 5 working days
• B. 7 working days
• C. 5 calendar days
• D. 7 calendar days

Answer: (A)

When a personal mortgage recommendation is given over the phone, there is an obligation to provide the customer with a formal illustration that sets out the key costs and terms of the recommended product. The deadline for sending that illustration is five working days from the point of the recommendation. Working days count only business days, excluding weekends and bank holidays, which is why this timeline is described using working days rather than calendar days.

This rule exists to ensure the borrower has timely, clear information about repayments, interest rates, fees, and the total amount payable, so they can compare options and make an informed decision without delay. An illustration typically includes the rate, monthly payment, total amount payable, and any fees, so the customer can see the financial implications before moving forward.

The other timeframes don’t match the regulatory expectation. Five calendar days could roll over weekends and holidays, delaying information, while seven working days would be a longer wait than required. The key point is delivering the illustration within five working days of the recommendation.