We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

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.…

Comments

kingstreet Posts: 39,333 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.
2