Terms and Conditions
The Mortgage Market Uk Ltd is authorised and regulated by the Financial Conduct Authority (FCA). The FCA regulates financial services in the UK and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register or by contacting the FCA on 0800 111 6768. Our Financial Services Register number is 461650
Our Services Mortgages
Our mortgage services are limited to advising on first charge mortgages and lifetime mortgage products only. We will consider all lenders we have access to before recommending a suitable mortgage product following an assessment of your personal needs and circumstances. This will include a detailed assessment of affordability.
Certain lenders may offer products directly to the public, rather than via an intermediary firm, with more favourable terms. Accordingly, our recommendation to you will be based on the most suitable mortgage product incorporated within the range available to intermediary firms.
If there is a particular mortgage product that you are aware of which is available directly from a lender that you wish us to review and comment on, we are happy to do so. We may charge you a fee for providing advice in relation to this but would agree this with you at the time.
Where you are increasing your borrowing or consolidating existing loans you may have the option of;
- taking out a further advance with your existing lender
- arranging a separate second charge mortgage
- borrowing through an unsecured loan.
There may well be alternative options available to you that may be more appropriate. For example, you may be able to obtain a further advance from your existing lender or obtain an unsecured loan for the additional funds. Where your existing mortgage is a first charge against the property, a second charge mortgage may be available.
We will consider all lifetime mortgages products across the market that we have access to. We can provide you with a list of the providers we consider on request.
We will not consider those providers that are only available by you going direct to them.
We will only recommend you take out a lifetime mortgage after an assessment of your personal needs and circumstances.
Protection Planning – Insurances
Non-investment protection contracts – we offer non-investment protection from a range of insurers. We will provide you with advice and arrange products such as term assurance, income protection and critical illness on your behalf after an assessment of your personal needs and circumstances
You can pay for our advised protection services by: Commission.
Where we are paid by commission we will tell you the amount before we carry out any business for you.
In respect of any regular premium policy which we have arranged for you, should you subsequently cease to pay premiums on the policy and in consequence we are obliged to refund the commission that has been paid to us, we reserve the right to charge you a fee representing the amount we have to repay, for a period of up to four years after commencement of the policy. We will confirm the exact amount that will need to be repaid by you and the timescale over which it will need to be repaid in the suitability report we will send you when a recommendation is made. We will not charge any such fee if you exercise your right to cancel in accordance with any cancellation notice sent to you by the life insurance company.
The Costs of our Service
We charge a broker fee which is payable in two stages, our initial fee of £295 falls due at the outset in consideration of preliminary processing, information gathering, planning and research with provision of the advice provided to you in recommending a mortgage deal.
The second part of the fee is payable on receipt of the mortgage offer and is up to 1% of the mortgage loan amount. For example: If a lender accepts your mortgage application for £150,000 our fee would be £1795 in total.
This fee will be paid directly by you at the above time, unless it is your wish to add our fee to your mortgage loan.
We will receive and retain a commission from the lender when your mortgage completes. This amount will be confirmed by the lender in their disclosure document.
Should you wish you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendation to you.
We may also receive a marketing allowance from third parties or be required to pay a commission to third parties that have introduced business to us.
Refund of fees
Please note our fee will still be charged should the lender reject your mortgage application due to you not disclosing any material information about your personal situation. It should also be noted we do not provide a refund should you decide not to proceed with the mortgage loan after we have made a recommendation to you.
Non-Investment Protection and General Insurance Contracts
We do not charge a fee as we will receive commission from the provider after the policy has been placed on risk.
Our Ethical Policy
We are committed to providing the highest standard of advice and service possible. The interest of our customers is paramount to us and to achieve this we have designed our systems and procedures to place you at the heart of our business. In doing so, we will:
- be open, honest and transparent in the way we deal with you;
- not place our interests above yours;
- communicate clearly, promptly and without jargon;
- seek your views and perception of our dealings with you to ensure it meets your expectations or to identify any improvements required.
Certain protection and insurance contracts allow you the right to cancel after a contract has been put in force. Prior to you entering into a contract of protection or insurance we will provide you with specific details should this apply to include: its duration; conditions, practical instructions and any costs for exercising it, together with the consequences of not exercising it.
We prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings. We will, however, accept oral instructions provided they are confirmed in writing.
If you wish to register a complaint, please write to The Mortgage Market UK Ltd, 117 Victoria Rd, Ferndown, Dorset BH22 9HU or telephone 01202 850390.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.