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TERMS
OF BUSINESS
INDEPENDANT MORTGAGES ADVISERS ARE
NOT TIED TO ANY COMPANY. THEY SEARCH
THROUGH DIFFERENT PRODUCT PROVIDERS
TO OFFER THE MOST SUITABLE AND COMPETETIVELY
PRICED NON REGULATED LIFE COVER.
Independent
mortgages generally advise on competitive
term Life assurance and General Insurance,
which is regulated by the Association
of British Insurers, however, we do
offer Regulated Independent Advice
for Investment business, regulated
by the Financial Services Authority.
We
are paid from commissions derived
from the sale of the above, should
the need for regulated advice become
necessary then your adviser will inform
you and may refer you to a registered
IFA, when a different Terms of Business
would be served.
All
policies arranged by Independent Mortgages
are sent directly to the policyholder.
You
have the right to inspect information
held by us on our paper and computerised
records. We treat all client records
as private and confidential, so we
reserve the right to give you copies
of your particular records rather
than allow access to files.
We
aim to offer a first class service
to our clients. If you feel you have
not had a first class service and
received suitable advice then please
write to the Compliance Officer at
the address below.
Independent
Mortgages has appropriate Professional
Indemnity Insurance.
The
Mortgage Code came into effect for
intermediaries on May1st1998 and is
a voluntary code to which our company
subscribes. The code sets minimum
standards of good lending and advisory
practice which to be followed by all
lenders and mortgage intermediaries.
We enclose a leaflet summarising the
code and what you can expect from
us.
Our company and its individuals are
registered with the Mortgage Code
Compliance Board and Independent Mortgages
registration number is 5742577. We
also have professional Indemnity Insurance
in place which provides additional
protection for our customers if our
firm was found to be negligent.
We constantly review the whole of
the mortgage market in order to select
the appropriate lenders to meet your
individual needs and will therefore
be acting on your behalf and not for
the benefit of any single or selected
panel of lenders.
Under the terms of the code there
are three levels of service available.
These are;
1 Full advice and recommendation
2 Information on different types of
mortgage products available to allow
you to make a choice
3 Information on a single product
only, where no advice is given.
We offer full advice and recommendation
service in all cases.
We
will also provide you with the information
relevant to your mortgage needs, covering
such items as an explanation of the
main repayment methods and the implications
of taking out a mortgage. If you select
a repayment option which includes
a product that is regulated by the
Financial Services Authority, your
adviser will arrange for an Independent
Financial Adviser to advise.
During
our initial meeting we will be compiling
a detailed mortgage fact find to enable
appropriate advice to be given on
the mortgage and other related products.
We
will also provide you with the information
relevant to your mortgage needs, covering
such items as an explanation of the
main repayment methods and the implications
of taking out a mortgage- a full information
list can be found in section 3.2 of
the mortgage code.
Once
we have made our recommendations to
you we will confirm our advice in
writing. This should be kept by you
as a record of our discussion and
will be confirmed by your lenders
formal offer of a loan.
Our
company receives fees from lenders
with whom we place mortgages. Where
this occurs we will tell you the exact
amount if it exceeds £250. It
is our policy to charge a set administration
fee of £395 or £495 for
Buy to Let, Equity Release or adverse
cases, after completion of the mortgage.
This payment is for researching the
market, the administration involved
and submitting the application to
the lender on your behalf, and ensuring
the transaction is completed satisfactory.
We
will treat all your personal information
as private and confidential (even
when you are no longer a customer)
except where we are permitted by law
or where
disclosure is made at your request
or with your consent in relation to
arranging your mortgage. You have
the right of access under the Data
Protection Act of 1998 to your personal
records whether held manually or electronically.
The
Mortgage Code Compliance Board (MCCB)
regulates the mortgage code to which
we subscribe. As part of their duties
we may be asked to allow access to
customer records to carry out an audit
on our activities. MCCB confirm that
such information will only be sought
for code compliance activities and
there will be no breaches of customer
confidentiality.
Our aim is provide a first class professional
and confidential service, however,
should you have a complaint in the
first instance you should contact
our Mortgage Code Compliance officer,
at;
Suite 4,
Octoplast Building,
83 Sefton Lane
Maghull
Liverpool L31 8BU
Thereafter,
should the complaint not be resolved
to your satisfaction we will assist
you in resolving it by referring it
to the Mortgage Code Arbitration Scheme,
whose address can be found in the
Mortgage Code Booklet.
This
terms of business relates to our mortgage
advice only and a further terms of
business applies to insurance products/services
recommended.
INDEPENDENT
MORTGAGES CONSUMER CREDIT LICENSE
NUMBER IS 541731
ESSENTIAL MORTGAGE INFORMATION
1
Business card, Mortgage Code leaflet
and terms of business explaining level
of service being offered under the
mortgage code.
2 The amount you are likely to be
able to borrow and over what term
3
The difference between Interest Only
and Capital and Repayment
4 Types of loans available, i.e. Discount,
Fixed, Capped, Flexible
5
The different types of repayment vehicles
and the FSA authority to advise
6 Consequences of not having life
insurance, a repayment vehicle or
early surrender of a repayment vehicle.
ASU and permanent health insurance.
7
Your Responsibility to maintain the
repayment vehicle
8 The interest you will pay, the amount
of the proposed repayments, when this
will change together with an illustration
of future possible costs.
9
Redemption penalties, portability
and part capital repayments.
10 All fees associated with this application
and the implications of adding fees
to the mortgage.
11
The choice of valuation reports available
12 Mortgage Indemnity (Premium) Guarantee
13
What will now happen with this application
14 A written quotation has been given
to you and explained
15
Credit Reference checks
16 The mortgage provider has provided
you with advice and recommendation
on a suitable product to meet your
individual needs.
On
signing below you are agreeing that
the adviser has offered you advice
and recommendation covering all the
above points to your satisfaction.
Your home is at risk if you fail to
keep up mortgage payments or payments
of any loan secured on the property
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