Regulated vs Unregulated Bridging Loans: Which One Applies to Your Auction Purchase?

"The regulated boundary is not about the auction house. It is about the pillow. Where the borrower sleeps decides which rulebook applies."

— Deji Nehan, Auction Demystified: Unlocking Auction Success

Buying a property at auction can involve tight deadlines, substantial deposits and a financing decision that needs to be made before you raise your bidding paddle. But there is another question that deserves attention before you arrange your funding:

Will your bridging loan be regulated or unregulated?

The distinction matters because it affects the regulatory framework governing the loan, the type of advice you should receive, the lender and broker permissions required, and the protections available to you.

It is also an area where auction buyers can make incorrect assumptions. A residential property is not automatically the subject of regulated bridging finance. Equally, a property bought as an investment does not always fall outside the regulated mortgage framework.

The Financial Conduct Authority (FCA) uses a specific legal definition to determine whether a mortgage contract is regulated. The classification depends on factors including the identity of the borrower, the security, how the property is used or intended to be used, and whether a relevant exclusion applies.

For auction buyers, this means the same property could potentially be financed under different regulatory arrangements depending on the borrower and the circumstances of the transaction.

This guide explains how regulated and unregulated bridging loans differ, how the rules apply to auction purchases, what protections are available and what to establish before bidding.

This guide reflects the market position at October 2026. Regulatory explanations are simplified for education and are not legal or financial advice. The correct classification must be assessed against the facts of the proposed transaction.

Key takeaways

• Regulated bridging is a bridging loan that falls within the FCA's regulated mortgage contract framework or another applicable regulated lending regime.
• The FCA's regulated mortgage contract definition generally involves credit provided to an individual or trustees, secured on land where at least 40% is used or intended to be used as or in connection with a dwelling, subject to exclusions.
• The borrower does not always have to live in the property. A property occupied by a qualifying relative may still fall within the regulated mortgage definition.
• Unregulated bridging generally covers commercial and investment transactions that fall outside the relevant regulated mortgage framework.
• A buy-to-let loan is not automatically unregulated. Consumer buy-to-let arrangements and other exceptions need to be considered.
• Company and SPV borrowing will generally sit outside the regulated mortgage contract definition because the borrower is a corporate entity, but the actual structure and any connected personal borrowing must be examined.
• Regulated lending carries specific conduct and advice requirements. Eligible borrowers may also have access to complaint and compensation arrangements, subject to their respective rules.
• Unregulated does not mean unprotected or unlawful. Contract terms, security documentation, general law and professional due diligence remain important.
• Neither category is automatically faster or cheaper. The property, borrower, lender, legal work and exit strategy determine the practical timetable and cost.
• Establishing the correct classification before bidding can prevent delays, unsuitable applications and problems with the proposed funding structure.

Table of contents

1. What is a regulated bridging loan?
2. What is an unregulated bridging loan?
3. Regulated vs unregulated bridging: the key differences
4. Which type applies to your auction purchase?
5. The tricky cases auction buyers should understand
6. Consumer protection and advice implications
7. How the application process differs
8. How to establish the correct category before bidding
9. Market context: regulated and auction bridging in 2026
10. Frequently asked questions

What is a regulated bridging loan?

A regulated bridging loan is short-term secured finance that falls within the relevant FCA regulatory framework, most commonly because it meets the definition of a regulated mortgage contract.

The FCA's Perimeter Guidance Manual (PERG 4.4) explains the legal definition. In broad terms, a regulated mortgage contract involves:

• Credit provided to an individual or trustees.
• An obligation to repay that credit secured by a mortgage over land.
• At least 40% of the land being used, or intended to be used, as or in connection with a dwelling.
• No applicable exclusion taking the agreement outside the regulated mortgage contract definition.

The exact legal test is more detailed than simply asking whether the borrower intends to live in the property.

This is why a regulated bridging loan can arise in situations that are not immediately obvious to an auction buyer.

The classic regulated bridging scenario

A common example is a homeowner who needs to purchase another property before selling their existing home.

Imagine that you have found a new house but your current property has not yet sold. The seller of the new property needs to complete quickly, and you cannot wait for your existing sale to finish.

A bridging loan secured against your existing home or another qualifying residential property may provide the temporary funding.

The loan is intended to be repaid when the existing property sells or another suitable repayment arrangement is completed.

This is commonly known as chain-break bridging.

Buying an auction property to live in

A different scenario arises when an individual buys a residential auction property intending to make it their home.

For example, a first-time buyer finds a habitable house at auction. They have a deposit and a credible repayment strategy but cannot arrange a conventional mortgage within the auction completion deadline.

They approach a bridging lender to fund the purchase.

If the proposed mortgage meets the FCA's regulated mortgage contract definition and no exclusion applies, the loan will generally need to be treated as regulated.

The fact that the property was purchased at auction does not remove the regulatory requirements.

The borrower does not always have to occupy the property

This is one of the most important details to understand.

The FCA's definition does not require the borrower personally to live in the property in every case. A qualifying residential property occupied by a related person may also meet the relevant requirements.

For example, an individual borrowing against a property intended to be occupied by a qualifying family member may need to consider regulated mortgage treatment.

The definition of a related person is specific. It should not be assumed that every friend, extended family member or other intended occupier automatically qualifies.

The FCA also recognises that some loans secured on residential property can fall within the definition even where the borrower does not personally occupy it. Commercial-borrower and other exclusions must then be considered.

The practical lesson: do not classify a bridging loan solely by asking where the borrower plans to sleep. Occupancy is important, but it is part of a wider legal test.

For the detailed regulatory definition, see the FCA Handbook: PERG 4.4.

What is an unregulated bridging loan?

An unregulated bridging loan is a short-term secured loan that falls outside the applicable regulated mortgage contract framework and is not otherwise subject to the relevant regulated lending requirements.

This is the category commonly associated with property investment and commercial transactions.

Examples include:

• An investor buying a house at auction to refurbish and sell.
• A landlord purchasing a property to add to a rental portfolio.
• A property developer financing a refurbishment project.
• A limited company purchasing an investment property.
• A business borrowing against commercial property.
• An investor using bridging finance to acquire a property before refinancing onto longer-term investment finance.

These transactions are generally structured around commercial or investment objectives rather than personal residential borrowing.

However, the word unregulated needs to be understood correctly.

It does not mean that a lender can ignore the law, impose arbitrary terms or disregard the borrower's contractual rights.

The loan remains subject to its contractual documentation, property and security law, applicable anti-money-laundering requirements and other relevant legal obligations.

The regulatory status of the transaction also does not remove the need for appropriate professional advice.

Why most auction investment finance is unregulated

Consider an investor purchasing a vacant house at auction.

The property needs refurbishment before it can be rented or sold. The buyer intends to use bridging finance to complete the purchase, carry out the work and refinance or sell once the project reaches the required stage.

The borrowing is for an investment purpose, and the property is not intended to become the borrower's home.

Subject to the legal structure and the relevant exclusions, this is typically an unregulated bridging transaction.

The lender will usually focus on factors such as:

• The property's purchase price and valuation.
• The condition of the building.
• The amount of finance required.
• The borrower's experience and financial position.
• The proposed refurbishment.
• The projected end value, where relevant.
• The repayment or exit strategy.
• The quality of the legal title and security.

This is why specialist auction finance lenders can be useful for investors purchasing properties that need work or have circumstances that make conventional mortgage finance unsuitable.

However, the fact that a transaction is unregulated does not mean the lender will ignore affordability, borrower experience or repayment risk. Those requirements depend on the lender and the facility.

Regulated vs unregulated bridging: the key differences

The table below summarises the main distinctions.

The table is a guide rather than a legal classification tool. The FCA definition and applicable exclusions take priority over broad descriptions such as residential, investment or commercial.

The same property can produce different regulatory outcomes

Imagine a three-bedroom house being sold at auction.

Buyer A intends to move into the property after completion. Buyer B intends to refurbish it and rent it out. Buyer C intends to purchase it through a limited company as part of a property investment portfolio.

The building is identical in all three cases. The proposed borrowing arrangements and borrower structures are not.

• Buyer A may require regulated bridging finance.
• Buyer B will commonly be looking at unregulated investment bridging, subject to the precise facts.
• Buyer C will generally be borrowing through a corporate structure outside the regulated mortgage contract definition, although any connected personal borrowing or guarantees need separate consideration.

The property itself does not determine the classification.

The borrower, security, intended use and applicable exclusions all matter.

Which type applies to your auction purchase?

The most useful way to approach this question is to look at the actual transaction rather than rely on the auction catalogue description.

Here are common auction scenarios and the likely starting point for assessing them.

Scenario 1: You are buying your future home

You are an individual purchasing a residential property at auction. You intend to move into it as your main home once the purchase completes.

Likely route: regulated bridging, if the loan meets the regulated mortgage contract definition and no exclusion applies.

This is particularly important where the property is habitable but the auction completion timetable is too short for your intended long-term mortgage.

You should discuss the regulatory position with an appropriately authorised mortgage adviser before bidding.

Scenario 2: You are buying to refurbish and sell

You are purchasing a property below its potential market value, intending to complete refurbishment work and sell it at a profit.

Likely route: unregulated bridging.

The transaction is generally commercial or investment borrowing rather than consumer residential finance.

The lender may assess the property, refurbishment budget, projected sale value, borrower experience and exit strategy.

Scenario 3: You are buying a buy-to-let property

You are purchasing a house or flat at auction with the intention of renting it to tenants.

Likely route: often unregulated investment finance, but do not assume that every buy-to-let arrangement is automatically unregulated.

The FCA framework includes specific exclusions and a separate consumer buy-to-let regime. The classification depends on the borrower, the circumstances of the letting and the applicable rules.

For example, a landlord who is acting wholly or predominantly for business purposes may fall within a relevant commercial-borrower exclusion. Other buy-to-let arrangements may require different treatment.

A specialist adviser should establish the correct category before the application is submitted.

Scenario 4: You are purchasing through a limited company

You have established a special purpose vehicle (SPV) to purchase investment property.

Likely route: generally unregulated corporate lending.

A limited company is a separate legal borrower and does not ordinarily meet the FCA regulated mortgage contract definition, which refers to credit provided to an individual or trustees.

However, do not confuse the company's borrowing with any separate personal borrowing, guarantee or security arrangement. Those elements may need their own legal and regulatory assessment.

There are also tax considerations. Purchasing through a company does not automatically remove the higher rates of Stamp Duty Land Tax that may apply to additional residential properties in England and Northern Ireland.

Scenario 5: You are purchasing a property for a family member

You are borrowing as an individual to purchase a residential property that will be occupied by a qualifying relative.

Possible route: regulated bridging.

The borrower does not necessarily need to live in the property personally for the regulated mortgage contract definition to apply.

The relationship, property use, security and any applicable exclusion need to be assessed.

Scenario 6: You are buying a mixed-use property

You find a property at auction with a shop on the ground floor and a flat above.

You intend to use the commercial space for business purposes while the residential part will be occupied as a home.

Possible route: regulated or unregulated, depending on the facts.

The FCA definition includes an occupancy test involving at least 40% of the relevant land being used or intended to be used as or in connection with a dwelling. The way the property is divided and used can therefore matter.

The legal assessment may need to consider floor area, intended occupation, borrower status and any relevant commercial-borrower exclusion.

Do not assume that the presence of a shop automatically makes the whole transaction unregulated.

The tricky cases auction buyers should understand

Some transactions do not fit neatly into the usual categories of homeowner, landlord or property developer.

These are the situations where making assumptions can become expensive.

Mixed-use property

A mixed-use property may contain residential and commercial accommodation.

For example, a building could have a ground-floor retail unit and two residential flats above.

The FCA's 40% test is relevant to the regulated mortgage contract definition. However, satisfying the residential-use threshold is not the only part of the assessment. The borrower and possible exclusions must also be considered.

The relevant calculation is not simply whether the building contains a flat. The area and intended use of the land must be examined in accordance with the FCA guidance.

Buying a property to live in and run a business from

Suppose you are purchasing a house with a separate office or business space.

You intend to live in the residential part while operating your business from another part of the building.

This could be a mixed-use transaction. The extent of residential occupation, the use of the business space, the borrower structure and the loan's legal characteristics all matter.

The lender should be given an accurate description of how the property will be used.

Buying a property to sell rather than occupy

An individual may borrow against residential property without intending to live in it.

That does not automatically make the loan unregulated.

The FCA guidance recognises that some loans secured on residential property may meet the regulated mortgage contract definition even when the borrower does not personally occupy the property. Commercial-borrower exclusions may then become relevant.

This is another reason why the phrase "I am not living there, so it must be unregulated" is not a safe classification method.

Buying through a trust or another structure

Trust arrangements can introduce additional questions about who receives the credit, who benefits from the trust and who will occupy the property.

The FCA definition specifically refers to trustees in certain circumstances.

If your auction purchase involves a trust, partnership, company or other non-standard ownership structure, have the legal and regulatory position checked before submitting a finance application.

Consumer protection and advice implications

The regulatory classification matters because it determines which conduct rules and complaint arrangements may apply.

It is not simply a label on the lender's paperwork.

Protection available with regulated bridging

Where a bridging loan is a regulated mortgage contract, the relevant FCA rules govern the activities of authorised firms involved in the transaction.

Depending on the circumstances, these requirements can include:

• Appropriate advice and assessment of the borrower's needs.
• Clear and fair information about the product.
• Explanations of the loan's features, costs and risks.
• Applicable affordability and creditworthiness requirements.
• Relevant pre-contractual disclosures.
• Rules governing how the firm deals with customers.

The exact requirements depend on the product, the parties involved and the applicable FCA rules.

A regulated transaction may also give an eligible customer access to the Financial Ombudsman Service (FOS) if they have a qualifying complaint against a firm within its jurisdiction.

The Financial Services Compensation Scheme (FSCS) may provide compensation for certain eligible claims if an authorised financial services firm fails. However, FSCS protection is not a general guarantee that a bridging loan will be repaid, that a property investment will succeed or that every complaint will qualify.

The eligibility rules and the nature of the claim matter.

What happens with unregulated bridging?

Unregulated bridging does not carry the same FCA mortgage conduct protections as a regulated mortgage contract.

That does not mean the borrower has no rights.

The agreement remains governed by its contractual terms and relevant law. The lender must comply with applicable legal obligations, and the borrower can seek legal remedies where appropriate.

However, the Financial Ombudsman Service and FSCS should not be assumed to cover an unregulated lending transaction simply because a broker or lender is involved.

The borrower should pay particular attention to the facility agreement and security documentation.

Important points include:

• The interest rate and how interest is calculated.
• Whether interest is serviced monthly, retained or rolled up.
• Arrangement, valuation, legal and administration fees.
• Exit fees and early repayment provisions.
• The term of the loan and any extension conditions.
• Default interest and other default charges.
• The lender's rights if repayment is delayed.
• The property or properties being used as security.
• Personal guarantees and other borrower obligations.
• The proposed repayment route and the risks if it fails.

For an investor, understanding these terms is part of assessing whether the project is financially viable.

Unregulated does not mean risk-free. It means the borrower must understand the protections that do and do not apply.

How the application process differs

The regulatory category can change the advice and application process, but it does not remove the need to prepare properly for an auction purchase.

The advice journey for a regulated case

A regulated bridging transaction generally requires the relevant regulated advice and conduct process before the borrower enters into the regulated mortgage contract, where the applicable rules require it.

A typical journey may involve:

1. Initial fact-finding

The adviser establishes the borrower's circumstances, financial position, property requirements and reason for needing bridging finance.

2. Understanding the property and intended occupation

The property, security and intended use are examined. If a relative will occupy the property or the building has mixed use, those details need to be disclosed.

3. Assessing the borrowing requirement

The adviser considers the amount required, the proposed term, the borrower's ability to meet the obligations and the intended repayment route.

4. Product and lender research

The adviser identifies suitable lenders and products that can accommodate the transaction and its regulatory classification.

5. Application and underwriting

The lender carries out its checks. These may include valuation, legal due diligence, credit assessment, affordability checks and review of the exit strategy, depending on the product and lender.

6. Offer and legal completion

Once the lender is satisfied with the required conditions, the formal documentation can progress towards completion.

The process is not necessarily a fixed additional working week. Timings vary by lender, property, legal complexity and how quickly the borrower supplies the required information.

For an auction buyer, the important point is that the advice and underwriting process should start before the auction whenever possible.

The application journey for an unregulated case

Unregulated investment bridging is commonly arranged through a specialist broker or directly with a lender.

The process may be more commercially focused, but it still requires proper preparation.

A typical application involves:

1. Establishing the purchase price and required loan amount.
2. Reviewing the auction legal pack and special conditions.
3. Assessing the property's condition and valuation.
4. Examining the borrower or company structure.
5. Reviewing the proposed refurbishment or investment plan.
6. Assessing the exit strategy.
7. Obtaining a valuation and completing legal due diligence.
8. Satisfying the lender's conditions before funds are released.

A commercial lender may place considerable weight on the property's security value and the proposed exit.

However, unregulated lending is not automatically quicker. A complex title, an unusual property, an unclear exit or a slow solicitor can delay either type of transaction.

Why the auction timetable changes the equation

Traditional unconditional property auctions commonly require a deposit at the fall of the hammer and completion within the period specified in the auction contract. Twenty-eight days is a familiar deadline, but it is not universal.

The special conditions of sale determine the actual contractual timetable.

A buyer who waits until after winning the property to investigate the regulatory category and arrange funding may discover that the proposed lender cannot support the transaction within the required period.

That is why the funding assessment should happen before bidding.

For a practical preparation process, read Auction360's pre-auction approval service and legal pack review service.

How to establish the correct category before bidding

The safest approach is to establish the regulatory position before you commit to the purchase.

Use the following checklist as a starting point.

1. Identify the legal borrower

Are you borrowing personally, through trustees or through a limited company?

The identity of the borrower is central to the regulated mortgage contract definition.

Do not assume that a personal guarantee makes a company loan a personal mortgage contract. Equally, do not assume that a separate personal borrowing arrangement is covered by the company's classification.

2. Establish who will occupy the property

Will you live there? Will a qualifying relative occupy it? Will it be rented to tenants? Will it remain vacant while you refurbish it?

Be precise.

The intended use at the time the contract is entered into can be important to the classification.

3. Understand the property's use

Is the property entirely residential, commercial or mixed-use?

If it is mixed-use, establish the relevant residential and commercial areas and how they will be used.

4. Explain the purpose of the borrowing

Are you purchasing a home, preventing a chain break, funding a rental investment, refurbishing for resale or financing a commercial project?

The loan purpose may be relevant to exclusions, commercial-borrower treatment and lender suitability.

5. Ask the adviser to confirm the regulatory route

Do not settle for a casual description such as "this is an investment loan" or "it is residential, so it must be regulated".

Ask the adviser or relevant professional to explain the basis on which the proposed transaction is being classified.

6. Check the lender and intermediary permissions

Where regulated mortgage activities are involved, the relevant firms must have the necessary permissions or operate within an appropriate authorised arrangement.

You can use the FCA Firm Checker to check a firm's regulatory status.

A firm's authorisation should be checked against the specific activity being undertaken. Do not assume that a company is authorised for every type of mortgage or financial service simply because it appears on the FCA register.

7. Review the full auction funding position

Once the regulatory category is clear, examine the finance itself.

Confirm:

• The amount available.
• The deposit and remaining purchase funds.
• The lender's valuation requirements.
• The legal work and expected completion timetable.
• The total borrowing cost.
• The conditions that must be met before drawdown.
• The exit strategy and what happens if it takes longer than expected.

For a wider explanation of the funding process, see Auction360's auction finance service.

Market context: regulated and auction bridging in 2026

Regulated bridging remains a significant part of the UK short-term property finance market.

According to the Q2 2026 Bridging Trends figures reported in August 2026, regulated bridging accounted for 48% of transactions, compared with 41% in Q1. Auction finance increased from 11% to 14% of transactions over the same period.

The reported average monthly bridging interest rate edged down from 0.82% in Q1 to 0.81% in Q2.

These figures provide useful market context, but they should not be treated as a quote or prediction for an individual borrower. Actual pricing depends on the lender, loan size, loan-to-value ratio, property, borrower profile, term and other transaction details.

The figures also illustrate that regulated bridging and auction finance are not competing descriptions of the same thing. One describes a regulatory classification; the other describes a use of finance.

An auction purchase can require regulated or unregulated finance depending on the transaction.

For investors, the practical priority is finding a lender whose criteria match the property, borrower and exit strategy. For individuals buying a home, it is equally important to establish the regulated advice route early enough to meet the auction contract deadline.

Sources: The Intermediary – Regulated bridging demand rises in Q2 and Bridging Trends.

Frequently asked questions

1. What is a regulated bridging loan?

A regulated bridging loan is short-term secured finance that falls within the relevant FCA regulatory framework, most commonly because it meets the definition of a regulated mortgage contract. The definition considers the borrower, the mortgage security, residential use and any applicable exclusions.

2. What is the difference between regulated and unregulated bridging?

Regulated bridging is subject to the applicable FCA mortgage conduct and advice requirements. Unregulated bridging falls outside that regulated mortgage framework, commonly because it is commercial or investment borrowing. The distinction affects the advice process, conduct protections and potential complaint routes.

3. Is a buy-to-let auction purchase regulated?

Not necessarily. Many buy-to-let investment loans are unregulated because they fall within relevant commercial-borrower or buy-to-let exclusions. However, some buy-to-let arrangements can be regulated, and consumer buy-to-let has its own framework. The circumstances must be assessed rather than assuming every buy-to-let loan is unregulated.

4. Are limited company bridging loans regulated?

A loan made to a limited company will generally fall outside the regulated mortgage contract definition because the definition refers to credit provided to an individual or trustees. However, any separate personal borrowing, security or related arrangements should be assessed independently.

5. Can I use bridging finance to buy a home at auction?

Yes. Bridging finance can be used for a qualifying residential auction purchase. If you intend to occupy the property and the agreement meets the regulated mortgage contract definition, regulated bridging may be required. Speak to an appropriately authorised adviser before bidding.

6. Does the borrower have to live in the property for the loan to be regulated?

No. The FCA definition does not require the borrower personally to occupy the property in every case. A qualifying relative may occupy it, and certain other residential-security arrangements may also meet the definition. The full legal test and applicable exclusions must be considered.

7. Are unregulated bridging loans riskier?

Not automatically. Unregulated bridging is commonly used for commercial property investment and development. However, it does not carry the same FCA mortgage conduct protections as a regulated mortgage contract. Borrowers should carefully review the facility agreement, security, fees, default provisions and exit strategy.

8. Which is faster, regulated or unregulated bridging?

Neither category is automatically faster. Some unregulated investment transactions may progress quickly where the property and exit are straightforward. Regulated cases have specific advice and conduct requirements, but the actual timetable depends on the lender, valuation, legal work, borrower documentation and auction deadline.

9. Does regulated bridging cost more than unregulated bridging?

There is no universal rule. Pricing varies between lenders and transactions. Compare the total cost of each suitable facility, including interest, arrangement fees, valuation costs, legal fees, exit fees and any extension charges. A headline monthly interest rate alone does not show the full cost.

10. Can a property be both residential and commercial for regulatory purposes?

Yes. Mixed-use properties can fall within the regulated mortgage contract definition if the relevant residential-use threshold is met, subject to the other conditions and exclusions. The property's actual and intended use should be examined carefully.

11. Can I complain about an unregulated bridging lender?

You may have contractual or other legal remedies if a lender breaches its obligations. However, you should not assume that the Financial Ombudsman Service can consider every complaint involving an unregulated loan. Its jurisdiction and the complainant's eligibility must be checked.

12. Where can I check whether a lender or broker is FCA authorised?

You can use the FCA Firm Checker and the FCA Register. Check the firm's permissions and the activities it is authorised to carry out, rather than relying only on its website or marketing description.

Get the right auction finance structure before you bid

The difference between regulated and unregulated bridging is not a technical detail to leave until the application stage.

It can determine which advice route applies, which lenders can consider the transaction and what regulatory protections may be available.

For an investor buying a property to refurbish, rent or sell, unregulated bridging may be the appropriate route. For an individual purchasing a qualifying residential property to occupy, regulated bridging may apply. Mixed-use properties, family occupation, buy-to-let arrangements and unusual ownership structures require closer examination.

The most important step is to establish the correct classification before you bid.

At Auction360, we help buyers understand their auction funding requirements, assess suitable finance routes and prepare for the practical demands of auction completion.

Explore our bridging finance service, auction finance service and lender intelligence resources.

Book a funding consultation to discuss your proposed auction purchase and the finance structure it may require.

About the author

Deji Nehan is a property finance professional, mortgage broker, wealth coach and author of Auction Demystified: Unlocking Auction Success. He writes about UK property auctions, bridging finance, mortgages, leverage and practical strategies for making better property investment decisions.

Learn more about the book at Auction360.

Disclaimer

This article is for general educational purposes only and does not constitute legal, tax, mortgage or financial advice. Regulatory classification depends on the facts of the individual transaction and the law and rules applicable when the agreement is entered into. Speak to an appropriately qualified and authorised professional before committing to a borrowing arrangement.

Your property may be repossessed if you do not keep up payments on a mortgage or any other debt secured against it.