Disclaimer: Our website and publications aim to give you general information to help you make financial decisions. It is not advice, nor can it take account of your own particular circumstances. For advice with a view to making decisions about your own circumstances you should consult a financial or other professional adviser.

© The Financial Services Authority.

New to mortgages

There are three important things to think about when you take out a mortgage:

  • find the mortgage that suits you and your circumstances;
  • borrow an amount you can comfortably afford; and
  • plan for changes – interest rates can go up, your income can fall, or you could lose your job.

Banks, building societies and specialist lenders offer mortgages. Some may offer special deals for first-time buyers. You can usually go to these lenders directly, although they will only tell you about their own products. Or you can go to a mortgage broker who may be able to look at a wider selection of products for you – see Getting help.

Generally, firms selling mortgages have to be regulated by us, or be the agent of a regulated firm. There are some exceptions, for example we don’t regulate sales of buy-to-let and second-charge mortgages. Regulated firms and their agents are put on our Register and have to meet certain standards. Always make sure that the firm you use is on our Register and is allowed to sell or advise on mortgages before handing over your money. If they aren’t regulated by us and things go wrong, you won't have access to complaints and compensation procedures. To find out if a firm is on our Register, see Check our Register.

We require firms to give you some documents with this logo Keyfacts logo which set out important information for you. They are:

  • Keyfacts logoabout our mortgage services – which will tell you:
    • whose mortgages they offer;
    • whether they offer advice or just information; and
    • how much you’ll have to pay for the service.
  • Keyfacts logoabout this mortgage – which will be tailored for you based on how much you want to borrow and the type of mortgage. It will tell you:
    • the overall cost;
    • what you’ll pay each month;
    • what fees you need to pay;
    • if there are any special features of the mortgage; and
    • what happens if you don’t want it any more.

Do read them and ask questions if you don’t understand anything. For more information see Getting help.