Who regulates mortgage brokers?
Mortgage brokers in the UK are regulated by the Financial Conduct Authority (FCA). The FCA regulates financial services firms and ensures that they comply with relevant legislation. It also provides guidance to consumers, so they can make an informed decision when looking for a mortgage.
The rules and regulations set out by the FCA state that all mortgage brokers must be registered with them and approved to carry out certain types of business. This ensures that homeowners get quality advice, clear communication and accurate paperwork.
It is important to use a regulated broker when searching for the best mortgage product as this will ensure that you receive the highest quality of advice and guidance. The FCA does not guarantee any advice given by a regulated mortgage broker but it does provide protection for consumers and helps to protect their financial interests.
By using a regulated mortgage broker, you can be sure that you are dealing with an experienced and trustworthy professional.
The FCA also holds mortgage brokers to a Code of Practice which they must adhere to. This includes maintaining professional standards, treating customers fairly, exercising due care and diligence when giving advice, and providing clear information about their services and fees.
It is therefore important to check that your broker is regulated by the FCA before entering into any agreement with them. You can easily do this by using the FCA register or by asking them for proof of their registration status.
If you need advice or assistance with finding the right mortgage for you, please don’t hesitate to get in touch with our team of experts. We offer comprehensive services and will be happy to discuss your requirements and help you find the best product for your individual needs.
The FCA only regulate mortgages and secured loans that relate to someone’s residential home. This means that pure buy to let and holiday let mortgages are not classed as regulated and therefore not overseen by the FCA.
HOW CAN WE HELP?
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.
DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
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.
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
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.
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.