The Mortgage Code is a voluntary code set down by the Council of Mortgage Lenders to set standards of good practice by lenders. If a lender subscribes to the code, they will give you a leaflet at your initial meeting with them which will explain all about it. The Mortgage Code should be a guarantee of good service, where all products are explained and all options explored before you commit to a mortgage.

The lender should undertake to explain in clear language all the implications of taking out a mortgage and help you to understand how a mortgage account works. In the case of difficulties making monthly payments, they should take the time to deal with you sympathetically and positively.

If you take out a mortgage with a lender who subscribes to the Mortgage Code, you can be sure that all the relevant information has been explained before you commit to a mortgage. If you do not understand any aspect of your product, you can ask for any help that you need. They will be upfront about any costs and what extra insurance should be taken out on your property.

Taking out a mortgage with a lender who subscribes to this code of practice should mean peace of mind for you. All lenders who volunteer for the code are regulated by the Mortgage Code Compliance Board.