Execution mortgage

bonnyhaggis

I am applying for a remortgage with the same bank.  I have ticked a few boxes (they did not ask if I was in the same job etc) and I have been sent an  'Execution only' declaration due to me not getting any advice.  Although I know I can afford the monthly payments, I cannot find what I am not covered for under the FCA rules, It is not clear.  My instinct is saying not to sign.   Does anyone know where to find this information for me to make an informed decision.  Thanks

Thrugelmir

Not a remortgage . It's a new product. The lender is covering themselves in that you sought no advice. Hence execution only. Your decision your choice, no comeback on the lender. 

csgohan4

if you sign, you won't be able to post on here in a few years time, claiming mis sold mortgage that you didn't understand the terms. 

Don't sign and you don't get your mortgage, simple really. Can't blame the lender really. 

https://forums.moneysavingexpert.com/discussion/6085491/mis-sold-mortgage

dunstonh

bonnyhaggis said:

I am applying for a remortgage with the same bank.  I have ticked a few boxes (they did not ask if I was in the same job etc) and I have been sent an  'Execution only' declaration due to me not getting any advice.  Although I know I can afford the monthly payments, I cannot find what I am not covered for under the FCA rules, It is not clear.  My instinct is saying not to sign.   Does anyone know where to find this information for me to make an informed decision.  Thanks

Execution only is a process that has been around for 30 odd years.   It basically means that you are taking on the liability for the decision and the provider/lender is not responsible for your decisions and has not provided you any advice.
The consequence is that you will not be able to complain later that the mortgage was unsuitable as it was your decision to have it.

If your instinct is not to sign it, then do not expect the mortgage to be offered without going through the full process.