Brokers back PAI

Brokers have welcomed the FSA&#39s pledge to introduce a standardised pre-application illustration at N4, writes Harriet Williams.

In CP146, the FSA says: “The key thing that consumers want to know is how much the mortgage will cost [and] this information needs to be personalised.” The FSA says that standardised mortgage quotations will help consumers shop around and understand the features of any mortgage before applying.

The FSA has shortened its proposed PAI from the CP98 version. The MCCB will continue to press for a simple PAI.