Frequently Asked Questions
FAQ Topics

Are mortgage brokers regulated?

Finding the best mortgage for your needs can be a daunting task. Many homeowners turn to mortgage brokers for help and these brokers need to be regulated by The Financial Conduct Authority (FCA) to ensure they receive quality advice and guidance.

The legislation means that both mortgage brokers, and the firms they work for, must be registered with the FCA and approved to undertake certain types of business.

How does regulation benefit homeowners?

Being regulated by the FCA means that mortgage brokers are subject to a number of rules and regulations which ensure they provide their mortgage clients with quality advice. Each mortgage broker must be appropriately qualified, experienced and keep their knowledge up to date.

The rules require mortgage brokers to carry out a thorough analysis of their clients’ financial situations and preferences in order to recommend the best product for them. It also requires that all paperwork is completed accurately and that any advice given is fair, clear and not misleading.

In addition to this, mortgage brokers must also keep records of their activities and ensure they are up-to-date with relevant industry regulations.

What does whole of market mean?

Drake Mortgages is an independent, whole of market mortgage broker.

This means that we can deal with any lender in the UK, when searching for mortgage products. There are more than 100 lenders, so by choosing to use a whole of market broker you get the maximum possible choice of lenders.

Most brokers are whole of market. However, there are advisers that only work from a ‘panel’ or shortlist of lenders. This means they may have just 10 mortgage companies (or less) from which they must pick a product for their clients, in our view this is a very limited range.

How do I know if my broker is regulated?

The Financial Conduct Authority (FCA) provides an online register that can be used to check whether a mortgage broker is regulated. You can also contact the FCA directly or ask your broker for proof of their registration status.

You can search the register by using the broker’s name or the name of a business.

Every legitimate broker will display their FCA registration number prominently on their website – to be sure to keep an eye out for it before committing to any agreement (Ours is 207532).

It is important to remember that the FCA does not guarantee any advice given by a regulated mortgage broker.

The FCA is responsible for regulating the mortgage industry in order to protect consumers from unfair practices and protect their financial interests. It is therefore important to use a regulated broker when searching for the best mortgage product. This will ensure that you receive the highest quality of advice and guidance, helping you to make an informed decision and get the most out of your investment.

The FCA only protects mortgage advice where it relates to a borrowers own home. This means that mortgages for holiday lets, buy to lets and most bridging loans are not regulated and not protected.

About the FCA

The Financial Conduct Authority (FCA) is a regulatory body in the UK that oversees the conduct of around 50,000 financial firms to ensure honesty, fairness, and effectiveness in financial markets. They also prudentially supervise 48,000 firms and set specific standards for around 18,000 firms.

The FCA was established on 1 April 2013, taking over from the Financial Services Authority (FSA). The FCA operates by authorising or registering firms and individuals to carry out certain activities and supervising them to ensure they meet standards and rules. If firms or individuals fail to meet these standards, the FCA has a range of enforcement powers it can use.

The FCA’s strategic objective is to make sure relevant markets function well, and their operational objectives are to protect consumers from bad conduct, protect the integrity of the UK financial system, and promote effective competition in the interests of consumers.

The FCA is an independent public body funded entirely by the fees it charges regulated firms, and it is accountable to the Treasury and to Parliament. The FCA works with a variety of stakeholders to prioritise areas and firms that pose higher risks to its objectives.


Choosing a mortgage is an important financial decision and it’s easier with someone who’s on your side. We work as a whole of market mortgage broker so that you get the best possible choice of mortgages.



We are perfectly placed to help you find a buy to let mortgage solution that matches your property needs for individuals, families, investors, landlords and Limited Companies.

buy to let mortgages

We are experienced whole of market brokers who can help you get a great holiday let mortgage.

We can also give you access to exclusive schemes and some specialist lenders who don’t deal direct with borrowers. Loans are available to individuals and SPV’s upto 75% and we can help with Scottish properties, mixed use, multi-lets and Airbnb.

Our holiday let mortgage brokers know the lenders and their lending criteria well, enabling us to guide you to the best holiday let mortgage solutions

holiday to let mortgages

Bridging loans are one of the most useful, multi-purpose, types of lending solutions available. You can get a bridging loan approved on almost any property for almost any reason. Great for auction purchases or snapping up a buy to let bargain.

And we can arrange them really fast.

bridging loans

Development finance is designed to help with the purchase and build costs for a residential development project.

Solutions are available for change of use, ground-up projects, refurbishment or major building work and property extensions.

development loans
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