Mortgages and Regulation
The mortgage market is regulated by the FSA, aka the Financial Services Authority. This means that there are standardised processes in place from the FSA that all mortgage providers must adhere too, and there are therefore standardised documents that should be used throughout the process.
For instance, advisers typically will issue key facts and initial disclosure information that tell you about the process, their fees, and basically outline upfront what will happen.
Because of this standardisation post regulation it means it is easier to compare each mortgage product on a like with like basis. You will find the key facts illustration (called the KFI) useful, because it will provide information such as: the total cost of the mortgage, full details of the product which means things like the interest rate, what the fees will be, what the monthly payments will be, and also information on the fee or commission that the mortgage adviser will get from the mortgage going through successfully.
It is worth nothing that buy to let mortgages are not regulated, but that equity release schemes are.
If something does go wrong and you are dissatified with the process, then you can engage with a standard complaints procedure. Typically this will see you complaining directly to the lender (or mortgage adviser as appropriate) and only if that process does not resolve things to your satisfaction contact the ombudsman.
For more information on the ombudsman service then you can take a look at the FSA website, just search for it on google and it will come up - you can also check which firms are FSA registered on that site.
More property related articles:
- Buying in a Village Might be a Good Investment
- Buying a New Build
- Renting Commercial Property
- Mortgage Comparison Tables Explained
- Home Information Packs explained
House Prices
- House prices in ST6 2
- House prices in GL1 1
- House prices in DN17 1
- House prices in DN11 8
- House prices in PR9 7
