Execution only Mortgage application

farleyrusk

I have a decision in principle and can proceed online via execution only application, by doing this it says i'll be giving up the benefits of Financial Conduct Authority protection on mortgage suitability. 

I can't find details on what this means or what rights i would be giving up by doing this - any advice please?

I'd be happy choosing my mortgage product myself but i'm worried what benefits i might lose.

Thank you!

born_again

Basically means you would not have any claim in the future around affordably or a suitable product for you against the lender.

Execution only tends to be on renewal of a current mortgage with the same lender. So they do not do any affordability or financial checks. As it been done in the past.

But means if you have had a income reduction, that it is not checked, so they would not decline the application.

dunstonh

I can't find details on what this means or what rights i would be giving up by doing this - any advice please?

When you use an adviser, you get an added layer of consumer protection.   i.e. the ability to complain about suitability of the mortgage and refer your case to the FOS if you disagree with the outcome.

With Execution only, there has been no advice or checks on suitability.  So, you cannot complain about those things (technically, you can, but the complaint would be rejected due to execution only).  You won't have access to the FOS either.

I'd be happy choosing my mortgage product myself but i'm worried what benefits i might lose.

One assumes you are getting a commission rebate paid to you for this as that is pretty much the only time it makes sense to do execution only.    

amnblog

farleyrusk said:

I have a decision in principle and can proceed online via execution only application, by doing this it says i'll be giving up the benefits of Financial Conduct Authority protection on mortgage suitability. 

I can't find details on what this means or what rights i would be giving up by doing this - any advice please?

I'd be happy choosing my mortgage product myself but i'm worried what benefits i might lose.

Thank you!

Execution only means no advice.

You are asking for advice here.

They are effectively saying you can have the rate but they are not accepting any liability.

Be careful what you wish for.