Non-Regulated Mortgages & Remortgages
What is this?
Unregulated Mortgages (and remortgages) are loans that are secured on property in which the borrower or a close family member DOES NOT reside in at least 40% of the property floor area. Although the mortgage may not be regulated, it is now rare for lenders to accept business from intermediaries who have not received authorisation from the Financial services Authority. This means that the intermediaries must conform to the Financial Services Authority's rules even though the mortgage product itself is not regulated. This ensures that the principles of Treating Customers Fairly are implemented evenly.
Who is it for?
Unregulated Mortgages are normally available to owners and purchasers of commercial properties and investment properties (Buy To Lets).
Who is it not for?
Unregulated Mortgages are not available on residential properties. All mortgages on residential properties are regulated by the Financial Services Authority.
