Does it matter if mortgage is not part of Financial Conduct Authority (FCA)?

hostie

Hello,

I am looking for a re-mortgage to release 30K of equity and the product that my financial advisor found for me with Birmingham Midshires isn't regulated by the Financial Conduct Authority (FCA). I realise that this isn't an ideal situation but would this ring major alarm bells for anyone?

I'm not in a position to be choosy about the mortgage as I am a buy-to-let landlady and the majority of my income comes from renting properties out. I do also have a temp job but most banks require at least 20k of income to come from a permanent salary.

Does anyone know what the potential pitfalls are of a mortgage not covered by Financial Conduct Authority (FCA)?

Thanks

hostie

opinions4u

BM are regulated.

The type of lending you want isn't. It's effectively a commercial loan.

hostie

Thank you opinions4u I'm guessing that means that I don't have a choice. Thanks a lot.

Thrugelmir

hostie wrote: »

Does anyone know what the potential pitfalls are of a mortgage not covered by Financial Conduct Authority (FCA)?

None. It will be assumed however that you fully understand the contract you are entering into or alternatively will seek legal advice.