Mortgages Yorkshire : Financial Services Authority Information

There has been much talk of late about the new mortgage regulations which were introduced by the Financial Services Authority but what does this mean to you as a consumer? Will these regulations affect you and are the individual areas within the UK, such as Yorkshire or Lincolnshire, affected in different ways?

The FSA (Financial Services Authority) introduced regulations within the mortgage business on the 31st October 2004. This means that every mortgage lender and mortgage adviser you deal with today should be FSA registered and should comply with the FSA regulations. ( Get the advisers FSA number and click here to check the FSA website )As a result this means that all the advice you receive from a professional mortgage adviser should be honest and in your best interests. This is a tremendous benefit to you as a consumer as it means that you can be sure that the advice being given to you is upfront and you should no longer have to try to second guess any hidden loopholes.

The main regulations introduced are as follows:

• The advice given to you should be clear and accessible

• You must be provided with an Initial Disclosure Document (IDD) which outlines the type of service which they provide and also with a Key Facts Illustration (KFI) which explains the different suggested mortgages in terms of charges and risk factors

• The KFI should follow the standardised format in order to make it easier for you to compare different mortgages

• The mortgage contract, in particular the pricing information, must be outlined in a clear manner so that you can understand it and there should be no hidden charges, tie-ins or penalties

Mortgages4U.info takes its obligations to adhere to all FSA regulations very seriously. We prioritise the circumstances and needs of our customers and always advise them according to the best personal solution for them. We ensure that all of our customers are issued with an IDD and the standardised KFI and that these are explained to you in a clear and concise manner. If you are selling a property in Yorkshire or Lincolnshire and would like to talk to experienced staff who put your needs first and are always available to give you on-going advice just give us a ring on 0844 567 5107 or click here to contact us

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