The Mortgage Code

This version was up to date when uploaded but remember you should always get the latest version when applying or enquiring about a mortgage. All reputable lenders follow the mortgage code as a code of practice. Don't go to a lender that doesn't follow the mortgage 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 to encourage higher standards for the benefit of customers.

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

Banking practice is covered in more detail in the Banking Code issued by the British Bankers'Association, The Building Societies Association and the Association for Payment Clearing Services. Not all lenders subscribing to the Mortgage Code are members of the BBA, BSA and APACS.

The Code provides valuable safeguards for customers. It should help them understand how lenders and mortgage intermediaries are expected to deal with them. Customers should check which lenders and mortgage intermediaries comply with it by contacting the Mortgage Code Compliance Board, whose address is shown opposite.

The Mortgage Code Compliance Board also monitors compliance by lenders and mortgage intermediaries with the Code and oversees its review from time to time. Within the Code, 'you' means the customer and 'we' means -

In Part 1 (Sections 1 - 3)- Both lenders and mortgage intermediaries

In Part 2 (Sections 4 - 10) - lenders only

In Part 3 (Sections 11-16)- mortgage intermediaries only This Code was effective for lenders from 1 July 1997 and from 30 April 1998 for mortgage intermediaries.

CONTENTS >>

The Mortgage Code - Introduction

The Mortgage Code