New Mortgage Guides

Other Mortgage Guides

Mortgage Types

Mortgage Tools

FSA urges simpler mortgage advice
Mon, 11 Apr 2005
The Financial Services Authority (FSA) is pushing mortgage lenders to change their ways to make the process simpler for consumers to understand.

It is writing to company bosses asking them to simplify the Key Facts document that is given to borrowers .

The UK's largest lender, HBOS, is one of the firms already helping to ease the process by producing a nine-page key features document.

This includes an additional two pages carrying extra figures related to the total cost of the mortgage .

However, an FSA spokesman explained that many companies' information was still complicated - something that defeated the object of informing consumers.

"We want consumers to have access to simple, clear and understandable information to help them to make financial decisions," commented a managing director at the FSA, Clive Briault.

"Disclosure of clear information is a critical element of the new mortgage regime."

The FSA has found that some lenders are including much unnecessary and unwanted material in the documents they give to customers.

As a result many homeowners feel disinclined to read the lengthy documentation.

Mr Briault concluded: "We are relying heavily on firms and trade bodies to help us to explain the importance of key facts documents to consumers."

Link to this page

Copy and Paste the following HTML into your page.

Mortgage lenders

Browse mortgage lender offersMortgage Rates by Lender

  • Browse current mortgage offers from over 90 lenders.
Browse

Worried about mortgage repayments?Worried about Mortgage Repayments?

  • Join our petition to Government to bail out burdened individuals, not just banks.
Sign the petition

Free mortgage quoteFree Mortgage Quote

Apply Here

Mortgages in Scotland Mortgages in Scotland

Read More

Equity releaseEquity Release

  • Unlock equity in your home.
Apply Here

Switching mortgagesSwitching Mortgages

Read More

Home reversion plansHome Reversion Plans

Apply Here

Commercial mortgages Commercial Mortgages

  • Commercial property loans
  • Starting a business?
Apply Here

Arrears & CCJs?

  • Remortgages
  • Sub prime mortgages
  • Arrears, CCJs
  • Self certification
  • Debt consolidation
Apply Now

Protect your mortgageProtect Your Mortgage

  • 3 months free mortgage protection cover
Apply Now

Mortgage Newsletter