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Unregulated pre 2004 current mortgage

Barb1954 · 2024-12-04 16:00:59

We currently have a mortgage taken out in March 2004. Recently we tried to go to the financial services compensation scheme about it being miss sold by the broker. They could not help us as the mortgage was pre regulation. We complained to the Financial Ombudsman and it is outside of their jurisdiction they cannot help.…

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kingstreet Posts: 39,268 Forumite

6 December 2024 at 12:51PM

Just to clarify for future readers, this wasn't an "unregulated mortgage." It's simply the case that mortgage regulation didn't start until October 2004 so prior to that all mortgages were unregulated. This is best thought of as a "pre-regulation" mortgage.

As the OP has stated it doesn't benefits from FOS/FSCS oversight as this was voluntary for lenders on pre-regulation mortgages when regulation was introduced.

I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
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