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FCA announces potential changes to mortgage advice rules

Getting you the best mortgage deal

Under the Financial Conduct Authority’s proposed new rules, brokers who recommend a product that is not the cheapest available will have to explain their reasoning to customers.

According to the FCA the changes are designed to allow firms to develop products and services which can truly meet the needs of customers. As experienced mortgage brokers we scour the high street and the niche lenders, then sort the wheat from the chaff to get our clients the best overall deal. And yes, sometimes the best deal isn’t the one that at first glance appears to be the cheapest.

There may be quite legitimate reasons why it may not be prudent to take the cheapest possible mortgage, such as if a more expensive lender could make faster decisions, or had more flexible repayment options. We always ensure we fully explain all of our recommendations. We don’t have favourite, familiar lenders but we do know who will lend to what sort of customer and on which type of purchase, this level of knowledge can save you months of research.

We welcome the decision by the FCA to make sure specialist mortgage brokers explain their recommendations. Any adviser worth their salt is already doing that — it backs up what is already good practice.