About our Mortgage Services
«Intermediary Company Name» «Intermediary Address 1»
«Intermediary Address 2»
«Intermediary Address 3»
«Intermediary Address 4»
«Intermediary Post Code»
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1. The Financial Conduct Authority (FCA)
The Financial Conduct Authority is the independent watchdog that regulates financial services. It explains the service you are being offered and how you will pay for it.
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2. Whose products do we offer?
We offer a comprehensive range of products from across the market, but not deals
that you can only obtain by going direct to a lender
We only offer products from a limited number of lenders
We only offer product transfers from your existing lender.
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3. Which service will we provide you with?
We will advise and make a recommendation for you after we have assessed your needs.
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4. What will you have to pay us for this service?
No fee will be charged. We will be paid a procuration fee from the lender.
A fee of [£ ]
We will charge a fee of between £X and £X *
We will charge a fee of [X% of the mortgage advance. A mortgage of £100,000 would mean a fee of £xxxxx.]*
We will charge a fee of between X% and Y% of the mortgage advance. A fee of X% on a mortgage of £100,000 would mean a fee of £xxxxx and for Y% the fee would be £xxxx
We will charge a fee of [£xxxxxx per hour]**
The commission from the lender will be paid to you
In addition to the above we will also be paid a procuration fee from the lender.
The fee charged is payable on [application] [offer] or [completion].
The fee charged is payable upon receipt of suitable advice and recommendation
The fee is charged at the outset.
[text above can deleted as appropriate]
You will receive a mortgage illustration which will tell you about any fees relating to a particular mortgage.
* Where a flat fee is not being charged, the firm must provide details of the minimum and maximum cash sums/percentages, and set out what factors will determine where in the range the fee will be.
** If the firm will charge an amount based on an hourly rate, but the number of hours to be spent on the customer's transaction is unknown, the firm must state the hourly rate in cash terms and set out what factors will determine how many hours it takes to provide the firm's services
5. Refund of fees
If we charge you a fee, and your mortgage does not go ahead, you will receive:
A full refund.
A refund of [£xxxx ] or [X% of the fee].
A refund is only due [if your mortgage fails to complete] or [is declined by the lender
at initial underwriting stage].
No refund if you decide not to accept my recommendation or you withdraw the
application
No refund
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6. Who regulates us?
«Firm Name» is an Appointed Representative of Pink Home Loans, Shire House, Birmingham Road, Lichfield, Staffs, WS14 9BW. Pink Home Loans is a trading name of Advance Mortgage Funding Limited, which is authorised and regulated by the Financial Conduct Authority. Advance Mortgage Funding Limited’s Financial Services Register Number is 305008.
Advance Mortgage Funding Limited’s permitted business is
· Advising on and Arranging regulated mortgage contracts and;
· Advising on and Arranging non-investment insurance contracts
You can check this on the Financial Services Register by visiting the FCA's website www.FCA.org.uk/register/ or by contacting the FCA on 0800 111 6768.
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7. What to do if you have a complaint
What to do if you have a complaint?
If you wish to register a complaint, please contact us:
…..in writing: Complaints Department, Pink Home Loans, Newcastle House, Albany Court, Newcastle Business Park, Newcastle upon Tyne NE4 7YB
…..by phone: Telephone: 0191 233 4684
….by email:
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS). Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.
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8. Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
Mortgage advising and arranging is covered for up to a maximum limit of £50,000..
Further information about the compensation scheme arrangements is available from the FSCS.
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Pink Product Transfer DD V2 March 2016