Thanks to the complicated variety of rates and fees on offer it can be hard enough working out whether a mortgage is a good deal, but inaccurate adverts slipping through the net are making things worse. The adverts have prompted industry insiders to question whether the new financial regulator will clamp down. Since 6 April the Financial Conduct Authority, has been responsible for checking financial promotions are correct. However, lenders and homebuilders seem to be getting away with incorrect information Inaccuracies have been spotted in several adverts.

One was a Post Office advert promoting a five-year fixed rate mortgage at 2.63 per cent, available up to 60 per cent loan-to-value. After the fixed rate expires, the mortgage reverts to a tracker with the revert-to rate stated as 4.49 per cent, which is described as ‘Bank of England base rate plus 3.9 per cent’. The Post Office sells Bank of Ireland mortgage products and so the Bank of Ireland has regulatory responsibility for the advert.....Read more: