11-May-2009
Few financial decisions will affect your life as much as buying a house or taking out a remortgage on your existing property. Therefore, it is crucial that if you choose to employ a broker to guide you through the process, they are fully qualified to advise you and are authorised by the Financial Services Authority (FSA).
The FSA is an independent body that regulates the financial services industry in the UK, and they give their authorisation to mortgage brokers on the condition that they meet certain standards of practice. It?s really important to check that the firm that you plan to use is authorised before proceeding to use them for mortgage advice. You can check this by searching for the company or independent financial advisor (IFA) on the FSA register (found on their website).
Using an authorised broker means that firstly, the advice they give will be well-informed and accurate, and secondly that if anything does go wrong, you will have access to complaints procedures and could be eligible for compensation. If you use an unregulated broker, you would not have the same level of official support and are at risk of losing money.
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