378. Mortgage offers.

Where the client is purchasing a property with the assistance of mortgage finance, the solicitor must ensure that the client has received a satisfactory offer of a mortgage before exchanging contracts1.

The Financial Conduct Authority is responsible for regulating the firms and individuals that are involved in advising on, arranging or managing mortgages2.

Giving generic advice regarding different types of mortgage and their suitability for the client is not within the definition of a regulated activity3. However, providing specific advice about different providers and mortgage products is a regulated activity. Provided the solicitor follows the SRA Financial Services (Scope) Rules 2001