Terms of Business

1. General

• 1.1 Your property may be repossessed if you do not keep up repayments on your mortgage.
• 1.3 The FCA does not regulate some investment mortgage contracts.
• 1.4 Calls may be recorded for training and monitoring.

2. Regulatory Status

• 2.1 The Mortgage Exchange is authorised and regulated by the Financial Conduct Authority.
• 2.2 The Financial Conduct Authority is the principle regulatory body for Financial Services in the UK. They can be contacted at The Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS Tel: 020 7066 1000 or by visiting their website http://www.fca.org.uk/site-info/contact
• 2.3 The FCA does not regulate some investment mortgage contracts.

3. Our Remuneration

• 3.1 You have 2 options with regards to how we are paid

Option 1 ; FEE and COMMISSION

We will give you a free initial consultation, with no obligation on you to continue

You Pay a flat fee of £350 payable on application, we will also be paid commission by the lender

You will be provided with Mortgage Illustration detailing the commission paid prior to completing any application

 

This is the preferred choice for more than 99% of our clients

 

Option 2 FEE ONLY

If you chose this option we will charge you a fee based on the amount of your borrowing being a minimum 0.5% of your borrowing to a maximum of 1% . The minimum fee that would be charged is £500. We would not take commission from the lender.  This will not alter the mortgage product selection nor will it change the rates charged by the lender for your mortgage.

 

3.2 Commercial mortgages.

The work involved in commercial mortgages can be very involved and we charge a minimum fee of 1% maximum 2% of the facility. A commitment fee will be payable on application of £500 with the balance payable on completion. You will be advised of our expected fee at our initial meeting but this may be subject to change, however we will not change this without first notifying you in writing of this .

 

We may also be paid commission from the lender

 

To date we have never changed any fees quoted

• 4. Non-investment insurance

• 4.1 The Mortgage Exchange arranges non-investment insurance contracts.
• 4.2 We will carry out any instructions you give us to effect such contracts.
• 4.3 We do not provide any Insurance Policy that relies on investment returns to do its job.
• 4.4 We do not provide any policy that would require the claimant to make investments for it to achieve its purpose.
• 4.5 We do not normally provide plans that extend beyond the term of the mortgage or into retirement.

5. Cancellation

• 5.1 We do not conduct any business directly over the internet or the phone as all our business is conducted face to face.
• Should you withdraw from any mortgage application you will not receive any refund of fees paid to us unless it is due to structural or legal reasons beyond your control . However if you subsequently find another property we will not charge our initial fees again but you may have to pay valuation and lenders fees.
•  
• 6. Termination

• 6.1 Subject to point 6.2, you or we, may terminate this agreement at any time, without notice period.
• 6.2 Notice of termination by you must be given in writing either by post to our Shaftesbury office or by email . The agreement will terminate upon our receipt of such notice.
• 6.3 Notice of termination by us must be given in writing to you. We will normally send such notice by post to your last known address.
• 6.4 Termination of the agreement is without prejudice to the completion of any transactions initiated prior to receipt of such notice. Existing policies and loans will be unaffected.
• 6.5 These terms of business will automatically terminate should you die.
• 6.6 These terms of business have no minimum period during which they must remain applicable.

7. Communicating

• 7.1 At our discretion and unless we hear from you to the contrary we may email or telephone you from time to time between the hours of 9am to 9pm without your further prior consent to such contact. We will not do so for the purpose of qualifying credit promotions unless you have expressly given us permission to do so, or you are an established existing customer.
• 7.2 All documents will be sent by post to your last known address and shall be sent at your own risk. We will not be responsible for lost documents or any consequences that may arise from any error or failure of the postal system. For documents of value, this will be by registered post - otherwise first class mail will be used.
• 7.4 You may communicate with us by writing, phoning or sending an email to our head office. There is no additional charge.

8. Compensation

If you make a valid claim against us in respect of the mortgage or insurance we arrange for you, and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme; details of the cover provided by the Scheme are available on request. Further information is available from the FCA and the Financial Services Compensation Scheme.

9. Verifying identity

We are required by law to verify your identify. This will be required at the outset of our dealings with you and we will not submit an application for a mortgage or term assurance policy of other financial product until such verification has been obtained.

    10. What to do if you have a complaint 

          If you wish to complain, please contact us:

          ...in writing : write to Complaints Officer, The Mortgage Exchange, 1 Bell Street, Shaftesbury , Dorset , SP7 8AR

          ...by email :complaints@themortgageexchange.co.uk

          ...by Phone: 01747850650

    11.Your policies and legal documents

All policies will be registered in your name unless otherwise agreed in writing. Unless you instruct us in writing to the contrary, we will forward to you all documents showing ownership of your policies as soon as practicable after we receive them. Where a number of documents of title are involved we will await arrival of all of them before sending them to you12.Your money

We do not handle client money in any instance.

12. Law

• 12.1 The law governing this agreement both before and after completion is the law of England and Wales.
• 12.2 We normally require our clients to give us instructions in writing, to avoid possible disputes, but we shall be entitled, at our sole discretion, to act upon your oral instructions. We can refuse your instructions at our discretion.
• 12.3 We may vary the terms of this agreement by writing to you at your last know address. Proof of delivery to this address will constitute proof of notice being served.13.Language

    13. The contract is in English and communication between us will be in English.

14. Taxes

        Other taxes or costs may exist which are not paid through us or imposed by us.

                                               YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE