Home finance and mortgage advice

FSCS protects mortgage business conducted on or after 31 October 2004.
We can only consider cases that have resulted in financial loss, including:
  • If you weren’t advised about the different types of mortgage available so you chose a mortgage that was unsuitable and lost money as a result.
  • If specific details of the mortgage you chose were incorrect, for example, a longer term was selected than you intended or required and you lost money as a result.
  • If you were advised to switch mortgages but weren’t given an adequate explanation of why you should switch and this advice resulted in you losing money.
  • If you were advised to take out a lifetime mortgage that was unsuitable for you at the time and you lost money as a result.
  • If a financial adviser recommended that you take out a mortgage endowment policy. This will usually be an investment claim, which FSCS has protected since 28 August 1988.
We have protected home reversion plans and home purchase plans since 6 April 2007.

Home finance and mortgage advice compensation limits


£50,000 per person, per authorised bank or building society.
100% of the first £30,000 and 90% of the next £20,000 up to £48,000 per person per firm.
The above dates relate to when the firm failed, not when you received your advice.

How long will the home finance and mortgage advice claim process take?

6 months

FSCS aims to make a decision on your claim within 6 months of receiving your completed application and required evidence. Complex claims may take longer.