Key Facts

On 31^st October 2004 the Financial Services Authority (FSA) assumed responsibility for the regulation of most mortgage sales. The regulation means that:

• You will get clear information about mortgages and mortgage services in a standard keyfacts format. This makes it easier for you to compare mortgages and services from different lenders.
• Price information (including the APR) in any mortgage advertising and marketing material must be clear.
• When you receive advice from a firm they must make sure that they recommend a suitable mortgage based on your needs and circumstances.
• Charges must not be excessive.
• There are new standards offering greater protection should you get into arrears with your mortgage.

What is keyfacts?

To help make things easier for you, firms will give you documents containing the keyfacts logo (as shown below) to signify the importance. It is important that you read and understand them and look out for the keyfacts logo.

The FSA has produced a consumer website to explain more about keyfacts and the new regulations.