Independent Mortgage Advice

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The logos to look for when you're considering an advisor

There are plenty of organisations that regulate financial firms, but it's important to know what they can and can't do. A firm offering independent mortgage advice that's regulated by the Financial Services Authority is irrelevant, because the FSA doesn't regulate mortgage advice. Look for the Mortgage Code instead.

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Independent financial advisors are usually regulated by the Financial Services Authority, which makes sure that firms don't misbehave. However, while firms that offer independent mortgage advice may be regulated by the FSA, their advice isn't: the FSA doesn't cover mortgage advice. So what should you look for?

The main organisation in the world of mortgages is the Council of Mortgage Lenders (CML). The CML oversees over 90% of mortgage lending in the UK, and sponsors a document called the Mortgage Code.

The Code sets out the minimum standards you should expect from a mortgage lender, and covers the advice you should be given about mortgage products, the claims firms make in their advertising, and what happens if you're unhappy with the service provided.

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