Home finance (including mortgage advice)

From 31 October 2004 the protection of FSCS was extended to include mortgage advice and arranging. If you think you may have a claim we can help with, please contact us.

Here are some examples of areas of mortgage advice that may give rise to complaints:

  • Where a consumer has not been advised about the different types of mortgage available, which resulted in them choosing a mortgage that was not suitable for them at the time. They have lost money as a result.

  • If specific details of the mortgage chosen are incorrect, for example a longer term has been selected than the consumer had intended or required, and the consumer has lost money as a result.

  • If a consumer was advised to switch mortgages but was not given an adequate explanation of why a switch should be made, and the advice to switch mortgages resulted in the consumer losing money.

  • If a consumer was advised to take out a lifetime mortgage that was unsuitable for their circumstances at the time and they have lost money as a result.

  • If you were advised to take out a mortgage endowment policy by a financial adviser, this will usually be an investment claim. These types of claim have been protected by the FSCS since 28 August 1988. 

You may also find our Q&A section and our booklet on Claiming compensation helpful.

If you have any questions or need any help please contact us.  

The FSCS is only able to consider claims for mortgage business conducted on or after 31 October 2004, except for Home Reversion Plans and Home Purchase Plans, which have been covered since 6 April 2007.

There are limits to the protection available.


The FCA

The Financial Conduct Authority website includes a searchable database of all firms authorised and regulated by the FCA and the Prudential Regulation Authority (PRA).

The FOS

The Financial Ombudsman Service is the official independent expert in settling complaints between consumers and financial businesses

Jargon Buster

Investment

a financial product in which money can be invested to earn interest or profit (although the value of investments can go down as well as up).