Brokers with credit

76% of retail investor accounts lose money when trading spread bets and cfds with this provider IG have a AAA trust score.

New forex bonuses

Compare Brokers That Accept Credit Cards, brokers with credit.

This is largely down to them being regulated by financial conduct authority and ASIC, segregating client funds, being segregating client funds, being established for over 44

Compare brokers that accept credit cards

For our credit cards comparison, we found 3 brokers that are suitable and accept traders from united kingdom.

We found 3 broker accounts (out of 147) that are suitable for credit cards.

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About IG

Platforms

Funding methods

76% of retail investor accounts lose money when trading spread bets and cfds with this provider

City index

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About city index

Platforms

Funding methods

72% of retail investor accounts lose money when trading cfds with this provider

Admiral markets

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About admiral markets

Platforms

Funding methods

83% of retail investor accounts lose money when trading cfds with this provider

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The ultimate guide to

Online forex trading account funding: credit cards

Credit cards are one of the safest and easiest methods to fund or make withdrawals from your online trading account. They are widely accepted by most online forex brokers. Brokers that are registered with the financial conduct authority (UK) will only accept credit cards from the forex account owner to prevent money laundering/fraud.

An important consideration to take if you are opening an online trading account is that mastercard do not accept refunds from spread betting or CFD trading companies.

A few things to consider before using a credit card to fund your forex account is:

If your card accepted by the broker

Do they charge fees for credit cards

Do they accept traders from your country

Are there better alternatives

What documents do they need

How long does it take for transactions

Featured forex broker that accept credit cards: ETX capital

ETX capital is a top choice for traders looking for a trusted and regulated forex broker that also accept credit card payments. Why ETX capital?:

They accept all major credit and debit cards except AMEX.

They do not charge fees for making payments or withdrawals.

Payments are processed quickly so you can start trading immediately- 1 working day.

Accept deposits in several currencies including :GBP, USD, EUR, ZAR, PLN, NOK, DKK, CZK and CHF.

Credit cards accepted by most online brokers:

Credit cards accepted by a minority of online brokers:

Credit card deposit/withdrawal fees

There is a mix of brokers who do not charge the trader any fees for making deposits/withdrawals while others charge a fee, usually around 2%. Some credit cards may also treat payments to forex brokers as cash advances rather than a regular purchase and charge a high interest rate. It would be best advised to check with your credit card provider first to see how they would view the payment. Generally using a debit card will always be free to use and may be the better option.

If you just register your card without making a payment, most brokers will make a pre-authorisation charge of 0.01p from your account. This will be reversed within a week and is only to ensure that it is a real card. This is a usual practice for businesses that require a credit card to make a reservation like hotels.

Making deposits and withdrawals

Before making any withdrawals, the brokers will generally require a few documents to verify who you are and to prevent fraud.

Required documents

- Government issued ID/passport/EU driving licenses
- Utility bill/bank statement/tax assessment showing your full name and physical address
- KYC form

Once registered payments and withdrawals are simple and take only a few days.

Usual payment/withdrawal processing times

Different brokers may have different requirement so it would be best advised to check what your chosen broker requires before you are allowed to make any withdrawals.

Broker debit cards

Some brokers will even offer their own branded mastercard debit cards such as avatrade, hotforex and XM. These cards are directly connected to your trading account and allow you to instantly withdraw funds from your account.

Why choose IG
for credit cards?

IG scored best in our review of the top brokers for credit cards, which takes into account 120+ factors across eight categories. Here are some areas where IG scored highly in:

44+ years in business

Offers 10,000+ instruments

A range of platform inc. MT4, mac, web trader, L2 dealer, tablet & mobile apps

24/7 customer service

Tight spreads from 0.60pips

Used by 178,000+ traders.

IG offers four ways to tradeforex, cfds, spread betting, share dealing. If you wanted to trade EURUSD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

IG have a AAA trust score. This is largely down to them being regulated by financial conduct authority and ASIC, segregating client funds, being segregating client funds, being established for over 44

Trust score comparison

IG	city index	admiral markets
trust score	AAA	AAA	A
established in	1974	1983	2001
regulated by	financial conduct authority and ASIC	financial conduct authority, ASIC and MAS	financial conduct authority, cysec
uses tier 1 banks
company type	private	private	private
segregates client funds

A comparison of IG vs. City index vs. Admiral markets

Want to see how IG stacks up against city index and admiral markets? We’ve compared their spreads, features, and key information below.

What’s A credit broker and what to look out for when financing A car?

When you’re looking for car finances, the chances are at some point you’ll deal with a broker. But what’s a credit broker and what do you need to know before dealing with them?

What’s a credit broker?

A credit broker is an individual or a company that helps people find credit by finding and putting you in touch with a finance company that can offer you a loan.

A car credit broker offers the same service – acting as a middleman between you and the finance or leasing company.

Many people find using a broker simpler than searching for finance themselves, as you can provide them with your details, requirements and budget, and they do all the legwork of finding the best deal for you.

What’s the difference between a broker and a lender?

The key difference between a broker and a lender is that a lender will be able to provide finance directly to you.

A broker will go between lenders to find the right deal to meet your needs before putting you in touch with lender or even acting as a liaison.

What authorisation should I look for?

All legitimate credit brokers, such as hippo, are authorised and regulated by the financial conduct authority (FCA), who are there to protect consumers.

The FCA ensure that all credit brokers treat their customers fairly and ensure any communications are up front and not misleading, such as making it clear that they are a broker and not a lender.

You can check the financial services register to check that a broker is regulated by the FCA simply by searching the name (you should be able to find the name on any communication such as a website, letter or email).

What to look out for

If you don’t fancy the idea of negotiating a finance deal in person, then a broker is ideal. However, you should always avoid any brokers that ask you for money up-front to find the best deal.

It’s an FCA regulation that a credit broker must give you a written information notice setting out details of fees.

A reputable broker should also have good previous customer reviews, so it’s worth doing your homework first when choosing a broker.

Most brokers also won’t have the facility to take your old car in part exchange. At hippo, we have the advantage of being both a dealer and a broker, so can offer a dual service.

How does a broker use personal information?

One big advantage of using a car broker is that you only have to make one application and submit your details once.

A broker will need your personal information to find a deal for you, as their role is not only to find you the best deal, but also the deal you’re most eligible for.

Once your application details have been taken, any documentation that you provide will go straight to the lender. The broker will not keep hold of these.

The general data protection regulation (GDPR) also means that details, such as your email address for marketing, can’t be passed to third parties without your express permission.

Can a broker help with bad credit and other financial difficulties?

Financing a car can be hard work, especially if you’ve had financial difficulties in the past.

Some brokers, like us here at hippo, will have access to specialist lenders who can offer finance to people with a variety of credit histories.

We can help with whatever your requirements, saving you time and effort turning to a lender that may not be able to help you.

Reasons to get pre-approval from a broker

Yes, getting pre-approval from a broker will certainly save you a lot of time and hassle when it comes to applying for finance.

However, some brokers can do more than that by protecting your credit score in the process.

When you apply to a car finance lender for a quote, they usually conduct something called a hard credit search.

This not only leaves a record on your credit report, but it can also damage your credit rating if there are too many of them.

Some brokers, like hippo, will only ever use a soft search in the first instance to ensure pre-approval from the lender.

This way there will be no impact on your credit score and won’t affect your chances of borrowing in the future.

You can see if you’ll be approved for car finance quickly and easily by using our soft search apply now service. Just click the button below to get started.

Credit brokers and authorisation

Here we list some typical misconceptions about the way we authorise credit brokers. Then we give you the facts.

✘ A firm that brokers only exempt agreements doesn’t need a credit broking permission.

✔ credit broking is only relevant in relation to loans classed as credit agreements, which are loans to individuals and partnerships consisting of two or three persons. It does not include, for example, loans to companies, which are exempt.

Our regulation of credit broking includes regulating the broking of some credit agreements which may be exempt from regulation. For example, business loans above £25,000.

✘ A firm that only makes introductions to brokers (rather than lenders) does not require a credit broking permission.

✔ any introductions you make to other credit brokers will be classed as a regulated activity, if the aim is to introduce customers to credit. So, you’ll need FCA authorisation.

✘ credit broking permission is not required if a firm’s broking is ancillary to its main business.

✔ retailers using third-party lenders to arrange finance are still likely to be engaged in credit broking – assuming the instalment credit exemption doesn’t apply.

✘ A person who carries on credit broking as an ancillary activity is automatically eligible for limited permission.

✔ you may be eligible for limited permission if your broking relates to the goods and services sold by your firm, and your main business doesn’t involve a regulated activity other than the regulated activity of entering into, or exercising the owner’s rights under a consumer hire agreement. Firms that broker consumer hire and hire-purchase agreements are also eligible for limited permission but domestic premises suppliers aren’t eligible for limited permission broking.

✘ A firm is only a domestic premises supplier if they make sales in the home.

✔ the definition of a domestic premises supplier includes firms who offer to sell goods or services when visiting customers in their homes. This is the case even when a contract is only completed online or in an office at a later date. Providing a binding quotation is one example of an offer – whether the customer chooses to accept it or not.

✘ A firm is only a domestic premises supplier if they discuss credit in the home.

✔ the definition of a domestic premises supplier covers the practice of selling, offering or agreeing to sell goods, as well as offering or contracting to supply services. You’re likely to be classed as a domestic premises supplier if you conduct such activity in the homes of your customers. A credit broker that is a domestic premises supplier is not eligible for limited permission broking.

Bad credit mortgages: which lenders accept ccjs, ivas and bankruptcy?

Discover your mortgage options if you have a less-than-perfect credit history

A bad credit history doesn’t have to end your dreams of homeownership, with lenders offering a range of deals for people who’ve had ccjs, ivas and discharged bankruptcies.

And by saving some more money and improving your credit score over time, it’s even possible to get a competitive mortgage rate.

But who will accept you for a mortgage if you’ve had some financial problems in the past? We’ve combed the terms of more than 30 lenders to help you find out which will accept borrowers with poor credit histories, and what criteria you’ll need to meet to get a good deal.

Bad credit mortgages: how many deals are available?

Last month, which? Analysed the mortgage market and found that a third of deals are available to people with a less-than-perfect credit history.

And although the vast majority of these products were limited to those who’ve had ccjs, there were some offers out there for people with historic ivas and bankruptcies, too.

Our research found that to get a mortgage with bad credit, you might need a bigger deposit than you would for a standard residential loan – with the majority of deals available at 75% loan-to-value (LTV).

This means that you’ll have the greatest choice when you’ve got a 25% deposit.

Mortgages for different types of bad credit

Lenders that will accept applications from people with bad credit generally fall into two categories:

Those that offer specific mortgages for people with bad credit. These tend to be specialist lenders that offer a suite of deals for people with credit problems.

High-street lenders that don’t offer specialist products but will consider applications from people with bad credit.

The table below shows the general criteria lenders impose for applicants with ccjs, ivas and bankruptcies.

Getting mortgages after a CCJ

A county court judgment (CCJ) is usually issued when you’ve failed to pay money you owe to lenders, and reasonable attempts to recoup the cash (such as letters and late payment notices) have been exhausted.

The good news is that there are plenty of specialist mortgages available to people who’ve had ccjs – with more than 20 lenders operating in this market.

Deals are available for people with ccjs worth up to £5,000, but to get the best rate you’ll need to have had maximum ccjs of £250 to £500.

The table below shows the cheapest initial rates on mortgages that state they are available to people with ccjs.

Max LTV	max ccjs	lender	deal type	initial rate	revert rate	APRC	fees
75%	up to £250*	atom bank	two-year fix	1.44%	4%	3.7%	£1,200
75%	up to £500	accord	two-year fix	1.69%	4.25%	4.2%	£495

_{Source: moneyfacts. 25 february 2019. *max three ccjs in last 36 months, max one in last 12 months}

Find out more: get to grips with the details in our guide on getting a mortgage with a CCJ.

Getting mortgages after an IVA

If a borrower can’t afford to pay off their debts in full, they can enter into a contract with their lender – known as an individual voluntary agreement (IVA).

Only seven lenders offer specialist deals for borrowers who have had an IVA, and to get a mortgage you’ll need to have settled (or ‘satisfied’) your IVA.

While a handful of products are available for people who have settled their ivas in the last 12 months, the vast majority of deals are only available if at least three years have passed.

The table below shows the cheapest initial rates on offer for people who have satisfied their ivas for three or four years.

Max LTV	ivas	lender	deal type	initial rate	revert rate	APRC	fees
60%	satisfied four years	skipton	two-year fix	1.59%	4.99%	4.5%	£995
75%	satisfied three years	accord	two-year fix	1.69%	4.25%	4.2%	£495

_{Source: moneyfacts. 25 february 2019.}

Your mortgage options after bankruptcy

Bankruptcy is when all of your debts are written off and your assets are sold to repay them. A bankruptcy ends with a ‘discharge’ notice, which is normally issued 12 months after the date of the bankruptcy order.

You can’t apply for a mortgage when under a bankruptcy order, and the longer ago you were discharged, the more options will be available to you. To get a competitive rate, you’ll need to have been discharged for at least three years.

The good news is that you can get a mortgage at up to 90% LTV having previously been declared bankrupt.

The table below shows the lowest initial rates available at three popular LTV levels for people who have been discharged from bankruptcy.

Max LTV	bankruptcy	lender	deal type	initial rate	revert rate	APRC	fees
60%	discharged four years	skipton	two-year fix	1.59%	4.99%	4.5%	£995
75%	discharged three years	accord	two-year fix	1.69%	4.25%	4.2%	£495
90%	discharged four years	skipton	two-year fix	2.01%	4.99%	4.7%	£995

_{Source: moneyfacts. 25 february 2019.}

How to get a mortgage with bad credit

If you have a less-than-perfect credit history, you should attempt to repair this before applying for a mortgage.

The are some steps you can take to improve your credit score over time. As a starting point, ensure you’re on the electoral roll, limit any credit applications and consistently pay any debts on time each month.

As we mentioned earlier, to get the best rates you might need to save up a bigger deposit. Owning a larger chunk of the property outright will make you a less risky proposition for lenders, and open the possibility of more choice and better mortgage rates.

Find out more: learn more about applying in our full guide on bad credit mortgages.

Credit broking

Solutions loans – the no fee§ credit broker

We are solutions loans, an innovative, fast growing, no fee online credit broker offering a transparent and reliable service to help you find the right personal finance. What’s a credit broker? Well, essentially, we are able to help you make your own decision about the kind of finance that best suits your personal circumstances and connect you to the those lenders. There are many brokers out there but what really sets us apart is:

Service – our reputation is second to none. In fact solution-loans.Co.Uk has scored 4.7 out of 5 based on 343 ratings and 56 user reviews across its range of services.

No fees – we don’t charge you anything to arrange a loan with us, which is why you’ll see the no fees § stamp all across our site. This means that you won’t have to pay an up front fee and there are no hidden costs either. Instead, we generate our income from the lenders and partners we work with – typically fees are not factored into your finance.

What can solutions loans offer you?

Our innovative approach has a number of benefits, including making us one of the most cost effective credit brokers around. The savings we can make by streamlining our offering allow us to offer a comprehensive service without charging a fee for it. Despite this, we are second to none when it comes to choice, speed and making sure you have the information you need to help you make a well-informed decision.

We are also a forward thinking business and we believe in making good use of technology to improve our services, which is why we have developed a number of intuitive tools:

Find loans – in just 4 simple questions you can start discovering your finance options. This tool will help you see what your loan options are in a matter of seconds.

Calculator – use this great tool to help you judge a products affordability. For our main loan products, the calculator offers the chance to estimate your loan repayments and you can then compare to your income and other expenditure.

Search facility – use our efficient search tool to guide you to the right page straight away regardless of what you might be looking for.

Guides – browse our informative guides to get all the information you need on the products that we offer.

These time saving tools have been designed to help you answer most of the questions you might have as you embark on finding the right credit solution.

Credit broker vs. Lender

This is most often the choice that we face when we start browsing for personal finance – do you go straight to a lender to arrange your loan or do you opt for a third party? We think there are a number of reasons why a credit broker is a better option:

Choice – the appeal of a credit broker is the access you have to a broad panel of lenders. You can discover which lenders will lend in principle and then compare rates and terms and conditions, rather than laboriously doing all this yourself, one lender at a time.

Time efficient – it can be very time consuming to research one lender after another and you can avoid this by using a broker instead. With a wide selection of products and plenty of information on each one it’s much easier to see what your options are.

Higher success rate – thanks to the wide range of lenders to choose from you are much more likely to make a successful application going via a broker than an individual lender. The process of making the decision about the personal finance will also be much better informed and this can also influence the final outcome. If you’re looking to walk away from the process with a successful application then the chance of achieving that is higher with a more broad-brush approach.

No fee § – a no fee broker like solutions loans can offer all of the above without a fee, so you essentially get the same deal as going direct but with a much better service.

Nothing on this website constitutes financial advice. If you need financial advice you should speak to a qualified financial advisor.

What’s A credit broker and what to look out for when financing A car?

When you’re looking for car finances, the chances are at some point you’ll deal with a broker. But what’s a credit broker and what do you need to know before dealing with them?

What’s a credit broker?

A credit broker is an individual or a company that helps people find credit by finding and putting you in touch with a finance company that can offer you a loan.

A car credit broker offers the same service – acting as a middleman between you and the finance or leasing company.

What’s the difference between a broker and a lender?

The key difference between a broker and a lender is that a lender will be able to provide finance directly to you.

A broker will go between lenders to find the right deal to meet your needs before putting you in touch with lender or even acting as a liaison.

What authorisation should I look for?

All legitimate credit brokers, such as hippo, are authorised and regulated by the financial conduct authority (FCA), who are there to protect consumers.

The FCA ensure that all credit brokers treat their customers fairly and ensure any communications are up front and not misleading, such as making it clear that they are a broker and not a lender.

What to look out for

If you don’t fancy the idea of negotiating a finance deal in person, then a broker is ideal. However, you should always avoid any brokers that ask you for money up-front to find the best deal.

It’s an FCA regulation that a credit broker must give you a written information notice setting out details of fees.

A reputable broker should also have good previous customer reviews, so it’s worth doing your homework first when choosing a broker.

Most brokers also won’t have the facility to take your old car in part exchange. At hippo, we have the advantage of being both a dealer and a broker, so can offer a dual service.

How does a broker use personal information?

One big advantage of using a car broker is that you only have to make one application and submit your details once.

A broker will need your personal information to find a deal for you, as their role is not only to find you the best deal, but also the deal you’re most eligible for.

Once your application details have been taken, any documentation that you provide will go straight to the lender. The broker will not keep hold of these.

The general data protection regulation (GDPR) also means that details, such as your email address for marketing, can’t be passed to third parties without your express permission.

Can a broker help with bad credit and other financial difficulties?

Financing a car can be hard work, especially if you’ve had financial difficulties in the past.

Some brokers, like us here at hippo, will have access to specialist lenders who can offer finance to people with a variety of credit histories.

We can help with whatever your requirements, saving you time and effort turning to a lender that may not be able to help you.

Reasons to get pre-approval from a broker

Yes, getting pre-approval from a broker will certainly save you a lot of time and hassle when it comes to applying for finance.

However, some brokers can do more than that by protecting your credit score in the process.

When you apply to a car finance lender for a quote, they usually conduct something called a hard credit search.

This not only leaves a record on your credit report, but it can also damage your credit rating if there are too many of them.

Some brokers, like hippo, will only ever use a soft search in the first instance to ensure pre-approval from the lender.

This way there will be no impact on your credit score and won’t affect your chances of borrowing in the future.

You can see if you’ll be approved for car finance quickly and easily by using our soft search apply now service. Just click the button below to get started.

Credit broking firms: key rules

Read about the key rules for credit broking firms.

Summary of rules

Our credit broking rules affect non-fee charging and fee charging brokers. This summary is not a full list of rules that apply to credit brokers. Your firm should always check the relevant parts of the handbook.

All credit brokers are banned from charging fees to customers, and from requesting customers’ payment details for that purpose unless they comply with our requirements:

Firms need to ensure customers are given clear information about who they are dealing with, what fee will be payable, and when and how the fees will be payable – known as the ‘information notice’

Firms also need to obtain confirmation from customers that they are aware of the information notice and its contents – known as the ‘customer confirmation’. Firms can find out more in CONC 4.4.

Correspondence with customers

All brokers need to include their legal name (as it appears in the financial services register) in all advertising and all correspondence with customers, not merely their trading names. Firms can find out more in CONC 3.7.

Advertising and financial promotions

All credit brokers need to make clear in their advertising that they are brokers and not lenders; if they are both a broker and a lender, if the advertising is solely promoting its credit broking services the advertising will need to make clear that it is for the firm's broking services, not their lending services. Firms can find out more in CONC 3.7.

Distance contracts

All credit broking contracts that are distance contracts have the 14-day right of cancellation and right to a refund required by the distance marketing directive. Firms can find out more in CONC 11.1.

Treating customers fairly

All credit brokers must pay regard to the interests of their customers and treat them fairly. All customer communications should be clear, fair and not misleading. Firms must ensure that their charging policy is clear and accessible. Firms should refer to the principles.

All credit brokers are prohibited from taking a fee from a customer’s bank account without express authorisation from the customer. We expect the amount, or likely amount, of the fee to be disclosed as early as possible. Firms can find out more in CONC 2.5.

All credit brokers are prohibited from unfairly passing customers’ data – including payment details – to third parties, without consent or for a purpose other than that which consent was given. This is also likely to breach the data protection act. Firms can find out more in CONC 2.5.

Advertising and marketing

All credit brokers’ financial promotions (including websites) must be clear, fair and not misleading. Firms must not mislead as to their identity or status. Firms can find out more in CONC 3.3.

Transparency of status

All credit brokers must make clear in financial promotions and other documents intended for customers their status, including the extent of their powers, the nature of the service they provide and any links to lenders. Firms can find out more in CONC 3.7.

Transparency of fees and commissions

Fee-charging credit brokers must disclose any fee payable at an early stage and have it agreed in writing before a credit agreement is entered into. The disclosure must include how and when the fee is payable and whether a refund may be available. Firms must also disclose their fee (if any) to the lender to enable the lender to calculate the correct APR. Firms can find out more in CONC 4.4 and CONC 4.5.

Refunds

All credit brokers should respond promptly to any request for a refund, and if a refund is required, pay it promptly. Section 155 of the consumer credit act entitles the customer to a refund (less £5) of any brokerage fee if a credit agreement is not entered into within six months of an introduction to a source of credit. Firms can find out more in CONC 6.8.

Online mortgage broker launches ‘first platform for self-employed and homebuyers with poor credit ratings’

Haysto has recently launched to make mortgages possible for those who have the odds stacked against them

With mortgage application rejections on the rise in the UK, there's growing concern over how the process could affect brits’ mental health.

Of those who’ve experienced rejection when applying for a new mortgage, 31% claim they were left feeling depressed, according to a survey by new specialist mortgage broker platform haysto.

More than half (53%) felt marginalised, unfairly treated and with a sense of injustice as a result, while 21% said the process had left a long-term negative effect on their mental health.

Haysto has recently launched to make mortgages possible for those who have the odds stacked against them and may have previously been told they won’t be able to get one. They specialise in bad credit, self-employed and complex mortgages.

Expert knowledge

An alternative to traditional lenders and automated online mortgage platforms which typically reject people with complex situations, haysto develops a picture of every customer to uncover specialist mortgages often not available to them directly.

The platform then matches each customer to a broker with expert knowledge of these mortgages and proven experience of making mortgages possible for people in their situation.

Haysto customers can speak directly to their broker at any time to receive expert advice and track their application online.

The research also showed that over a third of brits (35%) feel they couldn’t get a good mortgage deal for themselves, wouldn’t want to go through the stress of applying or are unlikely to apply at all for fear of being rejected.

Haysto commissioned this study because they believe the mortgage world is broken for those who don’t fit the traditional applicant mould.

They want to address how many of us are fearful of the mortgage application process or wrongly believe that due to our circumstances, they’ll never be able to get a mortgage.

More than 50% of mortgages for people who are self-employed or have bad credit aren’t available directly from lenders and are only accessible through specialist brokers.

Raising awareness

Haysto is working to raise awareness among those in complex situations that they could still qualify for a mortgage, even if they have been previously rejected, and that the process needn’t be as daunting and negative as they may assume.

Over half of haysto’s customers have been rejected for a mortgage elsewhere.

The company is also working to tackle the psychological impact of applying for and being rejected for a mortgage.

Because of this, they’ve pledged that for every mortgage they help complete for someone, they’ll donate a percentage of their profits to the mental health charity mind, so they can continue to support people struggling with financial worries.

No more computer says 'no'

Paul coss, co-founder of haysto, explains: “self-employment and poor credit histories are on the rise in the UK, so a growing number of people applying for mortgages simply don’t fit the traditional financial mould.

"many are being rejected by traditional lenders and online mortgage brokers that can’t see past their situation, while others will be put off from applying at all.

“haysto doesn’t rely on automation. We believe strongly in: no more computer says 'no'.

Personalised experience

"our platform provides the market’s most personalised mortgage experience by matching customers to specialist mortgage brokers based on their unique situation. We want to help everyone access their dream home.

"even if they have been rejected before, there are specialist lenders and brokers specifically for self-employed and bad credit mortgages who can help.”

Paul, a specialist broker himself, co-founded haysto earlier this year after seeing a clear gap in the market for an online platform for customers with complex incomes or credit histories who had been turned down elsewhere.

Credit broking

This page contains information about our general approach to complaints about credit broking for financial businesses. If you’re looking for information specifically in relation to covid-19, please look at our dedicated page that contains information for financial businesses about complaints in relation to covid-19 .

What is credit broking?

Credit broking happens when:

A business introduces a customer to a finance or credit provider

A customer has been introduced to another credit broker, who then introduces them to a finance or credit provider

An example of credit broking might be where a customer is looking for a loan online and uses a business to find or recommend a finance or credit provider.

Types of complaints we see

We see a variety of complaints about credit broking but some of the more common things consumers tell us about are where they:

Are unhappy about being charged a fee by a credit broker for finding a loan. Sometimes they’ve been charged a fee even when they haven’t actually got a loan

Are unhappy they’ve not had their fee refunded when they’ve not taken out, or even been offered, a loan

Are misled or not correctly informed about the terms or cost of the loan

What we look at

We’ll look at the facts and circumstances of each complaint. We’ll listen impartially to both the credit broker and consumer when deciding what's fair and reasonable in the circumstances.

We’ll also take into account any relevant laws, regulations and codes of practice. These may include the:

Financial conduct authority (FCA) handbook: consumer credit sourcebook (CONC)

FCA credit broking firms: key rules

Consumer credit act 1974

We’ll consider what information was given to the consumer to ensure it was clear and not misleading. Some of the information we would usually expect the credit broker to provide includes:

Whether they’re a broker or lender

Their legal name so people know who to contact if there’s a problem

The fees that customers need to pay, and when and how they need to pay them

The details of the loan being offered

Whether someone’s details might be passed to other companies

If the credit broker didn’t give the consumer clear information – we might tell them to refund some or all of the fees charged, sometimes with interest.

If a customer didn’t want the loan, we’ll need to know:

Whether they got in touch with the credit broker or the credit provider

What the credit broker and/or credit provider said in response

The FCA handbook and ‘key rules’ for credit brokers set out how credit brokers should treat customers. These include requirements around pre-contractual obligations, transparency of status, fees and refunds.

Under section 155 of the consumer credit act 1974 customers are entitled to a refund of all but £5 of a credit broking fee if they haven’t taken out a loan found by the broker within 6 months.

The credit broker is allowed to keep £5 of any fee if the customer hasn’t taken out a loan. However, we would likely find that it’s unreasonable to keep even £5 if the customer didn’t authorise the fee in the first place, or the broker didn’t do enough work to justify keeping the fee.

We would expect a credit broker to demonstrate the work they had undertaken to find a loan on behalf of the consumer.

We’ll generally ask a credit broker to refund some or all of the credit broker fee if:

The consumer contacted the credit broker asking to refund the fee because they didn’t want the loan

Fees weren’t made clear to the consumer (whether or not the broker found a loan)

The consumer didn’t authorise payment of the fee

Credit brokers shouldn’t refuse to refund the fee - or wait 6 months to refund it. Any refund should be carried out swiftly if it’s clear the consumer would not be taking out a loan. We’ll check that the credit broker quickly refunded the fee when the consumer contacted them to say they didn’t want a loan.

Where the complaint relates to the consumer not being correctly informed about the terms of the loan agreement we’d look at the impact of that and what the consumer would have done differently had they been correctly informed.

Putting things right

If we decide you’ve treated the consumer unfairly, or have made a mistake, we’ll ask you to put things right. Our general approach is that the customer should be put back in the position they would have been in if the problem hadn’t happened. The exact details of how we’ll ask you to put things right will depend on the nature of the complaint.

Many people who contact us about credit broking have wider financial difficulties. Having fees taken from their bank account unexpectedly can cause further problems and charges. If we find instances of unfair or unauthorised fees we’ll usually tell the credit broker to:

Refund the fee (sometimes with interest)

Refund any additional costs incurred by the customer if they weren’t aware of the credit broking fee being taken from their bank

Pay compensation for any trouble and upset caused

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