Terms of Business

Client Agreement
Mortgages and Protection Planning

1. INTRODUCTION

This agreement sets out the terms under which our services are to be provided, including details of the specific services and a summary of our charges for those services.

Private Wealth Mortgages are able to act on your behalf in advising you on mortgages and protection planning. We offer you an initial discussion (without charge) at which we will describe our services more fully and explain the payment options. Should you decide to go ahead with an application there is a cost for our advice and services.

2. OUR SERVICES AND HOW WE CHARGE FOR THEM

For any aspect of our services, all actual charges and fees will be fully disclosed to you. We will not charge you until we have discussed your payment options and agreed with you how we are to be paid. We will also let you know if there are any other costs that might arise in connection with the services we provide to you.

The services that you have selected and the charges for those services are confirmed in Section 7. We agree to provide the services selected and you agree to pay us for those services.

Any advice or recommendation that we offer to you, will only be given after we have assessed your needs and objectives. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider.

This agreement shall commence once it has been signed by all parties and shall remain in force until terminated in accordance with Section 5 – Cancellation.

Mortgage Advice

Our mortgage services are designed to provide you with the best mortgage solution for your needs. We advise on mortgage products, this means that we will make a recommendation for you after we have assessed your needs.

We offer a comprehensive range of mortgages from across the market. There may be rates suitable for you that are only available by going direct to a lender. Our advice will be based on the most suitable mortgage product included 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 a fee for providing advice in relation to this but would agree this with you at the time.

Alternative Finance Options

You should note that where we provide services in relation to increased borrowing on an existing mortgaged property there may 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 and where your existing mortgage is a second charge a first loan may be available.

Our Charges

We are paid for our services by the following method:

A combination of a fee from you, our client and commission from the mortgage lender

Our usual fee for a new mortgage transaction is £399 split into two parts, engagement and completion.
• Engagement: If after your initial consultation with your adviser, you wish to use our services, a non refundable fee of £250 is payable. This is paid only when the mortgage application is submitted.
• Completion Fee: The balance of any fee due after the initial engagement, is payable on completion of the mortgage. This is usually £149.

We will also receive commission paid by the lender, upon completion of the mortgage along with our completion fee.

When the rate finishes with your present lender we can advise on your options. We do not usually charge a fee for our mortgage services as we will receive commission from the mortgage lender. However where a lender does not pay commission a fee of £250 may be charged. This will be agreed with you at the outset.

You will receive a Key Facts Illustration/European Standardised Information Sheet when considering a particular mortgage which will tell you about any fees and commission relating to it.

If your fee is collected, and your mortgage does not go ahead, you will receive:

• No refund if we have carried out credit searches, research, product options and or sourced a suitable mortgage provider.

Protection Planning

Our advised protection planning services are suitable if you are looking for the best way to protect you, your family or your business through products such as critical illness cover, income protection, health insurance and life cover. We advise on non-investment protection products e.g. term assurance, income protection and critical illness cover from a range of insurers.

Our protection planning advice and application service is paid for by commission received from the product provider.

We will advise you of the amount of this commission being received. We do not charge a separate fee to you for this.

3. OUR OBLIGATIONS

Recommendations We will confirm to you in writing the basis of our recommendations. We will also provide you with a ‘Key Facts’ Illustration (KFI) or an European Standardised Information Sheet (ESIS) which is a personalised description of the costs and features of the mortgage or protection product that we are recommending. You may ask us to provide you with additional KFIs/ESISs or illustrations for any mortgage and or protection product.

Financial Crime

We are obliged to put in place controls to prevent our business from being used for money laundering and other forms of financial crime.
We will verify your identity before undertaking any business with you. To do this we may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning. The check may leave a ‘footprint’ on your credit file but it will not affect your credit rating.

Conflict of interests

We always act in your best interests. However there may be situations where we, or one of our other clients, has some form of interest in the business being transacted for you. If this happens or we become aware that our interests or those of one of our other clients conflict with your own interests, we will write to you and ask for your consent before we carry out business for you. We will also let you know the steps we will take to make sure you are treated fairly.

Communicating with you

Our normal ways of communicating with you are by telephone, post, e-mail, SMS text message or in person. Our communications will be in English.
We may ask you to confirm your instructions to us in writing as this helps to avoid any future misunderstandings.
Where you have consented for us to do so, we may contact you in the future by means of an unsolicited promotion (by telephone, email or post) should we wish to discuss the relative merits of a particular mortgage product or service which we feel may be of interest to you.

4. YOUR OBLIGATIONS

This section sets out your obligations in agreeing to receive our services.

Providing information about your circumstances

Our advice will be based on the information that you give so it is important that you provide us with the information we request about your circumstances and objectives to allow us to provide you with the appropriate advice. If you limit the information provided it could affect the suitability of the advice we give.

Providing information to your insurer

Your insurance / protection cover is based upon the information you provide to the insurance company. Where you are buying insurance as an individual, this means that you must take ‘reasonable care’ to answer all questions asked by the insurer fully and accurately. For general insurance policies such as accident & sickness or buildings insurance, once cover has been arranged, you must immediately notify the insurers or us of any changes to the information that you have already provided. Failure to provide accurate and up to date information may invalidate your insurance cover and mean that a claim may not be paid.

Payment for services

By signing this agreement you are agreeing to pay the charges for our services as set out in section 8 (Services agreed). Our charges will be VAT exempt but should this become applicable we will tell you before we undertake any work for you.

Legal and accounting advice

We are not qualified to provide legal or accounting advice or to prepare any legal or accounting documents. Please note it is your responsibility to refer any point of law or accountancy that may arise during the course of discussions with us, to a solicitor or accountant.

5. CANCELLATION

Ending this agreement

• You or we may terminate this agreement at any time, without penalty.
• Notice of termination must be given in writing and will take effect from the date of receipt.
• Any transactions already initiated will be completed according to this agreement unless otherwise agreed in writing.
• You will be liable to pay for any services we have provided before cancellation and any outstanding fees, if applicable.

Amendments

From time to time it may be necessary to amend the terms set out in this agreement where it’s not necessary to issue a new agreement. If this is the case we’ll write to you with details of the changes at least twenty eight business days before they are due to take effect.

Product cancellation rights

Full details of any financial products we recommend to you will be provided in the relevant product information you will receive. This will include information about any product cancellation rights along with any other early termination rights and penalties.
In most cases you can exercise a right to cancel by withdrawing from the contract. In general terms you will normally have a 30 day cancellation period for a life, protection or payment protection policy and a 14 day cancellation period for all other policies
Please note that there is no automatic right to cancel a mortgage contract once the mortgage transaction has been concluded.

6. HOW YOU ARE PROTECTED

Private Wealth Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FCA), 12 Endeavour Square, Stratford, London, E20 1JN.

Our Financial Services Register number is 445980. Our permitted business is advising on and arranging mortgages and non-investment insurance contracts. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk or by contacting the FCA on 0800 111 6768.

Complaints

If you are dissatisfied with a recommendation we have made you are entitled to make a complaint. We have a complaints procedure that is available on request. If you wish to register a complaint, please contact us:

In writing: Salli Anstey, Private Wealth Mortgages Ltd, Suite 3, Hillreed House, 54 Queen Street, Horsham, West Sussex RH13 5AD By phone: 01403 270006 By e-mail: sanstey@privatewealthmortgages.co.uk
client agreement £399 July 2018

Please be assured that we treat complaints seriously. For your further protection 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.

Financial Services Compensation Scheme

We are also covered by the Financial Services Compensation Scheme (‘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.

Insurance : advising and arranging is covered for 90% of the claim, without any upper limit. Mortgages : advising and arranging is covered up to a maximum limit of £50,000.

Further information about compensation scheme arrangements is available from the FSCS at www.fscs.org.uk/consumer.

Client money

We are not permitted to handle client money and we cannot accept a cheque made out to us (unless it is in respect of a service for which we have sent you an invoice) or handle cash.

7. PROTECTING YOUR PERSONAL INFORMATION

• To provide our services properly we’ll need to collect information about your personal and financial circumstances. We take your privacy seriously and will only use your personal information to deliver our services.

• Processing of your personal data is necessary for the performance of our contract for services with you. Generally this is the lawful basis on which we intend to rely for the processing of your data. (Please see the reference to special categories of data below). Our policy is to gather and process only that personal data which is necessary for us to conduct our services appropriately with you.

• We adopt a transparent approach to the processing of your personal data. Sometimes, we may need to pass your personal information to other organisations. If you apply to take out a financial product or service we’ll need to pass certain personal details to the product or service provider.

• We may engage the services of third party providers of professional services in order to enhance the service we provide to you. These parties may also need to process your personal data in the performance of their contract with us. Your personal information may be transferred electronically (e.g. by email or over the internet) and we, or any relevant third party, may contact you in future by what we believe to be the most appropriate means of communication at the time (e.g. telephone/ email /letter etc.).

• The organisations to whom we may pass your details also have their own obligations to deal with your personal information appropriately. Sometimes a product or service may be administered from a country outside Europe. If this is the case, the firm must put a contract in place to ensure that your information is adequately protected.

• We will issue you with our Privacy Notice. This is a separate document which provides more information about the nature of our personal data processing activities and includes details of our retention and deletion policies as well as your rights of access to the personal information that we hold on you.

• As part of this agreement we’ll ask you to consent to the transfer of personal information in accordance with the protections outlined above.

• Special categories of personal data: there are certain categories of personal data that are sensitive by nature. The categories include: data revealing racial or ethnic origin, political opinions, religious or philosophical beliefs, trade union membership and data concerning health. Depending on the nature of the products and services that you engage us for we may need to obtain your sensitive personal data particularly in relation to health. Our policy is that should we require any special category of personal data we will only gather this with your explicit consent.

• If you are concerned about any aspect of our privacy arrangements please speak to us.

Registered in England & Wales, no 5603163
Private Wealth Mortgages Ltd is authorised and regulated by the Financial Conduct Authority. FCA Number: 445980

Private Wealth Mortgages Ltd, Hillreed House, 54 Queen St, Horsham, West Sussex, RH13 5AD

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