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No FactFind/ Suitability Report
Alice1988
Posts: 4 Newbie
How bad is it to not receive a copy of a factfind or suitability report when applying for a mortgage? (When queried after completion copies where sent with the ”right” date on and was told it was an admin error- they were on file but hadn’t been emailed over).
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Its not great, but there is no regulatory requirement for a broker or customer to have either for mortgages. A Suitability letter is only a requirement for insurance.
There is a requirement for "Know your customer" but that could be someone writing some notes on a scrap of paper, writing a biography on you or as is common, a factfind.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
How bad is it to not receive a copy of a factfind or suitability report when applying for a mortgage?
Factfinds are not required to be issued. Most firms don't issue them unless requested. Theoretically, there is no factfind requirement either. Know your client doesnt mean you have to have a factfind. You could have a collection of different documents that could meet that criteria.
Suitability reports are not issued with mortgages. There is no regulatory requirement for a suit report. Instead, they have a closure letter requirement.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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