Are Commercial Mortgages regulated by the FSA?

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Are Commercial Mortgages regulated by the FSA?

If the property is used 100% for commercial purposes then the answer is No they are not regulated by the FSA, nor are they subjected to any other regulation that may apply to residential mortgages. However there are several guidelines that are in place to guide the lenders and brokers for treatment the commercial customers appropriately.These include the NACFB, the Business Banking Code, and finally the CCA (Consumer Credit Act). In 1992 the NACFB was formed to tackle problems of irregularities in the commercial mortgage industry. The NACFB set down ground rules that are to be followed by lenders and brokers who have membership to the NACFB. Currently a majority of the commercial mortgage lenders have membership with the NACFB. The NACFB is an elected board that does not regulate the commercial mortgages but provides the lenders and brokers with a set of codes to abide by.The business banking code also applies to commercial mortgages, this code applies to sole traders, partnerships, limited partnerships, and limited companies with an annual turnover below £1,000,000. This code advices the banks of how to treat their commercial customers. The CCA is applied to cases where the loans taken out by a sole trader, partnership, limited partnership, and limited company and that are no more than £25,000. The CCA regulates the purpose of the loan taken out. Loans taken out which are less than £25,000 will be regulated by the CCA

Commercial Mortgages Frequently Asked Questions

Types of Commercial mortgage ?	Is Renting better than Buying?
What Fees are Payable ?	Are they Regulated by the FSA?
What is the minimum deposit ?	What information do I need to supply,?
What factors determine Suitability?	How do the lenders assess me?
Can I get a Loan guarantee Scheme ?	What is the process of a mortgage, ?

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