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.

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 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.