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The Mortgage Code Compliance Board role is to make sure that you are fully informed and adequately protected when taking out a mortgage.

The Mortgage Board is a non-statutory regulator. Its role is to regulate the supply and provision of mortgage advice in the UK by ensuring firms registered under the Mortgage Code, meet all the standards of the Code.

This is a voluntary Code followed by lenders and mortgage intermediaries in their relations with personal customers in the United Kingdom.

It sets standards of good mortgage lending practice which are followed as a minimum by those subscribing to it. As a voluntary Code it allows competition and market forces to operate and encourage higher standards for the benefit of its customers.

The Code provides valuable safeguards for customers. It should help them understand how lenders and mortgage intermediaries are expected to deal with them.

The standards of the Code are encompassed in the 10 key commitments. These commitments apply to the conduct of business for all mortgage products and services provided to customers by lenders and mortgage intermediaries.

The key commitments are

• Act fairly and reasonably in all our dealings with you
• Ensure that all services and products comply with this code, even if they have their own terms and conditions;
• Give you information on our services and products in plain language, and offer help if there is any aspect which you do not understand
• Unless you have already decided on you mortgage, help you choose a mortgage to fit your needs
• Help you to understand the financial implications of a mortgage
• Help you to understand how your mortgage account works
• Ensure that the procedures our staff follow reflect the commitments set out in the Code
• Correct errors and handle complaints speedily
• Consider cases of financial difficulty and mortgage arrears sympathetically and positively
• Ensure that all services and products comply with the relevant laws and regulations

The Board ensure compliance through an ongoing programme of inspection and compliance liaison visits. In addition, 'mystery shopping' and consumer research exercises are regularly conducted to ensure that consumers are receiving the full benefits of the Code's protection.

It is rare but should a problem arise the Board will conduct a detailed investigation.

The Financial Services Authority regulates financial institutions and lenders. It also regulates the advertising of UK mortgages under the Financial Services and Markets Act.

On 12 December 2001 the Government announced that mortgage advice and the intermediary sector in general would also be brought under the statutory regime at a future date. In the interim period, which may be more than two years, the Mortgage Board will continue to ensure that the Code and our rules provide effective protection for consumers.

For more information visit The Mortgage Code website.

When you complete the simple UKML online application form an expert will contact you. This fully qualified professional advisor will be able to ask any questions you may have.