Mortgages - Information or advice?
When you ask about financial products or services you will normally be given information by the lender or mortgage broker. This may include printed leaflets and the person you speak to may describe the product or service. But getting this sort of information does not mean that you're getting advice specific to your needs or circumstances.
Buying with advice
- Only FSA-authorised firms and their agents are allowed to give advice about mortgages and these firms must follow our rules when dealing with you.
- When you buy with advice, you have a right to expect the adviser to recommend only products and services that are suitable for you.
- If the recommended product or service is unsuitable for your specific needs and circumstances based on the information you provided, you can complain to the firm and expect compensation for any loss.
Buying without advice
You don't have to take advice before you take out a mortgage. But if you don't take advice and the mortgage you choose turns out to be unsuitable, you will have less grounds for making a complaint.
What documents will you receive?
When you contact a lender or mortgage broker about a mortgage they will give you a document explaining the services they offer, this will be called
How much can I afford?
Why use an APR?
Self certification
How long should the mortgage last?
What if I have a poor credit history?
Shop around for a mortgage deal
Information or advice?
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