Once the application is proceeding we will:
- Appoint one of our experienced consultants to manage your application for you; Clearly communicate the process and what is required from you;
- Update you, via whatever medium you prefer;
- Regularly contact the lender to ensure that your application is being progressed, and
- Liaise with all parties including the lender, solicitors and estate agents to ensure all issues are dealt with.
Residential mortgages have been regulated by the Financial Conduct Authority (FCA) since 1st April 2013. General Insurance has been regulated by the FCA from the same date. Commercial mortgages, and some Buy-to-Let mortgages are not regulated by the FCA. The £895 fee is payable on production of a mortgage offer. This will follow a full application for a mortgage product that has been agreed with you as suitable for your needs, before any application is made. The fee is still payable and non-refundable should you choose not to proceed following successful production of a mortgage offer. If we are required to recommend a mortgage from a lender that specialises in providing mortgage funds for clients with impaired credit a different set of charges will apply, please ask for details.
We will provide you with an explanation of the main repayment methods (e.g. capital and interest or interest only), but if you select a repayment option that includes an investment product that is regulated by the FCA we will recommend you seek advice from an appropriately authorised Independent Financial Adviser (IFA). Details of an IFA near you can be obtained from Unbiased or by calling 0800 085 3250.
We constantly review the mortgage market in order to select the most appropriate lenders to meet your individual circumstances. We use lenders who consistently provide our clients with a competitive product range and high standards of service; however the standards of service can vary over time.
Contractor Financials is not liable for any delays incurred in the processing of your mortgage and/or insurance application that are caused by the product provider however we will actively work to assist the smooth processing of your application. Contractor Financials works very closely with a select panel of conveyancers that we can recommend to you. The mortgage recommended to you may offer the option of free or subsidised conveyancing (whether appointed by you or your proposed new mortgage provider); in both cases you are responsible for checking the appointment of the conveyancer and on-going progress of the legal work.
During the initial contact we will complete a Mortgage & Remortgage Questionnaire (Factfind) to enable appropriate advice to be given on your mortgage and other related insurance products. Once we have made our recommendations to you we will confirm our advice in writing. You should retain this confirmation as a record of the advice given. Details of any products applied for will be confirmed by the mortgage lender on a formal Offer of Advance, and by the insurance provider in Acceptance Terms. It is your responsibility to check that the formal offer/acceptance is correct before you exchange contracts.
You, or we, may terminate our authority to act on your behalf at any time without penalty. Notice of this termination must be given in writing.
No variation of this agreement will be valid unless confirmed in writing by one of the Directors of Contractor Financials.
We only accept payments made out to Contractor Financials Ltd. in settlement of our fees. We do not handle cash.
We will forward documents to you as soon as practicable after we receive them. Where a number of documents relating to a series of transactions are involved we will normally hold the documents until the series is complete and then forward them to you.
We keep records of all our business transactions for a minimum of seven years. You (or your agent) may inspect contract notes, vouchers and entries in books (whether kept manually or electronically). We treat all our clients' records as confidential (even when you are no longer a client), so we reserve the right to give you copies of your particular records rather than allowing access to files containing records about other clients. You have rights of access under the Data Protection Act 1998 to your personal records.
As your mortgage broker, we reserve the right to discuss your personal circumstances with any lender in order to determine the most appropriate product for your needs. We or the lender may undertake a credit check upon receipt of your mortgage application, or in some cases before an application is submitted, to enable the preparation of an "Agreement in Principle". We will seek your permission before this credit check is undertaken. This check may be registered as part of your credit record. The lender may also supply information to a Credit Reference Agency regarding the way your account is managed.
Our internal auditing procedures include monitoring and compliance with Financial Conduct Authority guidelines.
We maintain Professional Indemnity Insurance.
We are required to verify your identity in accordance with Anti-Money Laundering regulations. No mortgage offer or insurance acceptance terms will be produced until such verification has been obtained.
From time to time we'll tell you about new services from Niche Finance Group companies, of which Contractor Financials is a subsidiary company. You can choose not to receive this information when you engage with us during the arrangement of your mortgage. We may also want to provide you with related information from third parties that we think may be of interest to you or whose products or services may be of interest to you. You can change your instructions at any time by writing to:
The Data Protection Officer (Compliance Dept) Contractor Financials Ltd
5 Omega Park
For the purposes of the Data Protection Act 1998, the Data Controller in relation to any personal data you supply is Contractor Financials Ltd.
If you email us we will keep a record of your contact and your email address. In addition to specific services that you request, we may also email you with details of relevant products and services, as well as information about the Company. If you do not want us to do this please let us know by e- mailing firstname.lastname@example.org
Telephone calls to Contractor Financials may be recorded and used for training or regulatory purposes.
As a client of Contractor Financials, we take your right to privacy very seriously. We will not disclose information about you or your accounts to anyone, other than where we have your consent, or where we are compelled or allowed by law to do so.
Most of the information we hold is stored electronically on computer systems. However, some data, for example the details you handwrite on an application form, are held as manual or paper copies. We are confident that our systems are secure, and that no one will be able to access your information unlawfully.
All personal details you submit to this website will remain private except where it is necessary to provide them to a third party for the purposes of a mortgage application.
You have a right to ask for a copy of the information held by us in our records in return for a payment of a small fee (£10). You also have the right to require us to correct any inaccuracies in your information.
Contractor Financials does not sell the personal information we hold. Information may, in the ordinary course of business, move between Contractor Financials, Niche Finance Group companies, associated companies and to our contractors, which may involve the transfer of data outside the European Economic Area, and involve keeping the estate agent(s) and/or solicitors you are using updated on the progress of your application.
From time to time we'll tell you about new services. You can choose not to receive this information when you engage with us during the arrangement of your mortgage. We may also want to provide you with related information from third parties that we think may be of interest to you or whose products or services may be of interest to you. You can change your instructions at any time by writing to The Data Protection Officer at the address given above.
When you register with our website, in order to respond to your requirements we need to know your name, e-mail address and contact telephone number. We will keep a record of your contact and your email address. In addition to specific services that you request, we may also contact you with details of relevant products and services, as well as information about the Company. If you do not want us to do this please let us know by e-mailing email@example.com.
If you decide to provide us with any information, then you expressly authorise us to use that information in accordance with this policy.
The Financial Conduct Authority (FCA) requires us to make records to evidence the suitability of the recommendations we make. If you choose not to allow us to store your personal information we will be unable to meet this regulatory requirement and therefore will be unable to advise you or process your mortgage application.
Our Services - Summary
Whose products do we offer?
We offer products from a range of insurers for Term Assurance, Mortgage Payment Protection Insurance, Critical Illness Insurance, Accident, Sickness and Unemployment Insurance and Income Protection.
We only offer products from a limited number of insurers for Buildings and Contents Insurance. A list of these insurers is available upon request.
We offer products in the following ‘relevant market’:
Regulated mortgage contracts that can be used for a non-business purpose
We offer a comprehensive range of mortgages from across the market, but not deals that you can access by going direct to a lender.
Which service will we provide you with?
We will advise and make a recommendation for you after we have assessed your needs for Term Assurance, Mortgage Payment Protection Insurance, Critical Illness Insurance, Income Protection, Buildings and Contents Insurance and cover in the event of Accident, sickness or Unemployment Insurance.
We offer an advised sales service.
This means we will provide advice and make a recommendation for you after we have assessed your specific needs and circumstances.
What will you have to pay for our services?
No fee for advising on and arranging non –investment insurance contracts that we deal with
You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.
We charge a success fee of up to £895 per obtained mortgage offer. This amount is payable immediately upon receipt of a formal offer of funding from the lender. In addition to the success fee paid by yourself, We receive a commission from the lender to whom the application is submitted after successful completion of the mortgage. In the event the mortgage offer is rescinded under the lender’s contractor lending policy the full success fee will be reimbursed.
At any stage during the mortgage application process you have the right to request from us the full list of commission from all lenders that we have a business relationship with and we will provide you with this information. For all MCD regulated mortgage contracts, the amount of commission, other inducements, or where the amount is not known, notification of the actual amount will be disclosed in the European Standardised Information Sheet (ESIS).
Who regulates us?
Contractor Financials, Albany House, 5 Omega Park, Alton, Hampshire, GU34 2QE is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 207478.
Our permitted business is advising on and arranging non-investment insurance contracts and regulated mortgage contracts. You can check this on the FCA’s Register by visiting the FCA’s Website or by contacting the FCA on 0800 111 6768.
What to do if you have a complaint?
If you wish to register a complaint, please contact us…
...in writing: write to The Complaints Officer, Contractor Financials, Albany House, 5 Omega Park, Alton, Hampshire, GU34 2QE.
...by e-mail: to The Complaints Officer at firstname.lastname@example.org
...by phone: telephone 01489 555 080
...via the online dispute resolution platform: Click here
Additionally, we will provide a copy of our Complaint Handling Policy upon request. If you cannot settle your complaint, you may be entitled to refer it to the Financial Ombudsman Service.
…by phone: 0800 023 4567
…by text: 07860 027 586
…online: Click here
…in writing: Financial Ombudsman Service, Exchange Tower, London, E14 9SR
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.
Insurance: Insurance advising and arranging is covered for 90% of the claim, without any upper limit.
Mortgages: Mortgage advising and arranging is covered for up to a maximum amount of £50,000.
Further information about compensation scheme arrangements is available from the FSCS.