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Terms of Business:
Documentation:
All Policy Documents will be forwarded to you as soon as practicable after we receive them. If there are a number of documents relating to a series of transactions, we will normally hold each document until the series is completed and then forward them to you.
Risk warnings:
"THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT".
Cancellation rights:
'In most cases you can exercise a right to cancel, by withdrawing from the contract recommended to you. In general terms you will normally have a 30 day cancellation period for a pure protection policy and payment protection contracts and a 14 day cancellation period for all other policies. Additionally, in most instances you will not be able to exercise a right to cancel a mortgage contract, unless the contract is concluded at a distance (i.e. no face to face advice), at which point you will have a 14 day cancellation period. Finally, any contracts arranged at your explicit consent (normally referred to as "execution only") do not provide cancellation rights.
The start of the cancellation period will normally begin, for pure protection policies, when you are informed that the contract has been concluded or, if later, when you have received the contractual terms and conditions. In other cases, the cancellation period will begin on the day the contract is concluded or, if later, the day on which you receive the contractual terms and conditions. Instructions for exercising the right to cancel, if applicable, will be contained in the relevant product disclosure information which will be issued to you.'
Data Protection:
Your personal information is very important to us. We will endeavour to take all due to care to protect this information. We would like to highlight below a few matters relating to your information that you should be aware of:
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Some services are provided to Saxon Mortgage Services by third parties such as processing business or obtaining compliance or regulatory advice, which warrant the disclosure of more than just your basic contact details. You agree that personal information held by Saxon Mortgage Services may be disclosed on a confidential basis, and in accordance with the Data Protection Act 1998, to any such third parties. You also agree that this information may be transferred electronically, e.g. email and you agree that ourselves, or any such third party, may contact you in future by any means of communication which we consider appropriate at the time. Our data protection licence No Z9726855
Product Providers and Lenders may administer your policy, any existing policies you may have with them and provide other services, from centres in countries outside Europe (such as India and the USA) that do not always have the same standard of data Protection laws as the UK. However, they are required to put a contract in place to ensure that your information is adequately protected, and they will remain bound by their obligations under the Data Protection Act even when your personal information is processed outside Europe.
Your Consent:
This is our standard client agreement upon which we intend to rely. For your own benefit and protection you should read these terms carefully. If you do not understand any point please ask for further information
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You authorise the transfer of information, on a confidential basis when warranted between any such third parties. You acknowledge that the Terms of Business Letter will come into effect from the date of issue and I acknowledge receipt of the Initial Disclosure Document (IDD) .
'By submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements'.
Mortgage fraud:
Where mortgage fraud is suspected, resulting in us not preceding with the application our fee will still be charged at the rate that would have been applicable if the mortgage had completed.
Where a lender suspects mortgage fraud and declines the application our fee will still be charged at the rate that would have been applicable if the mortgage had completed.
Be aware that the data protection act, and client confidentiality do not apply in cases of mortgage fraud and we would be obliged to hand over all documentation to the relevant authorities.
Buy to let / Commercial mortgages:
Any advice or recommendation that we offer to you regarding buy to let mortgages / commercial mortgages is limited to the arrangement and suitability of the mortgage, and not related to the project as an investment.
Mortgage Valuation / Booking Fees.
Where a mortgage is selected that requires a booking fee or Valuation fee to be paid to the lender before the lender has agreed to provide the mortgage, clients should be aware that if the lender does not agree to the application this money is non refundable by the lender. We will advise you if this is the case with the lender you have selected, but you should also refer to the key features document fees section.
With booking fees you need to advise us of any financial history that may cause a lender to decline your application.
Regarding valuation fees it is very important that the figures you give us are as accurate and as realistic as possible to avoid the possibility of the property being valued lower than you need for a particular mortgage (beware a mortgage valuation is lower than an estate agents market appraisal).
If a lender is chosen that requires a valuation fee to be paid, once the valuer has been instructed then that money is non refundable regardless of whether the application proceeds.
Valuation fees.
Where you are purchasing a property the standard mortgage valuation is only there to give the lender a value of the property, we strongly advise having a homebuyer report which will give you a report on the general condition of the property. For older or non-standard construction a full structural survey may be desirable.
Protection against purchase / sale not completing.
We are not liable for any cost or loss should the transaction not take place, we recommend that either a insurance policy is put in place to cover your expenses or use a solicitor that incorporates this cover in their conveyancing package.
Using lenders own solicitors:
Be aware that when using the lenders own solicitors these solicitors are acting on behalf of the lender. Whilst this may be acceptable for remortgages where you know the history of the property, we would strongly advise you to appoint your own solicitor who will be acting on your behalf where a purchase is involved.
Client Money:
Saxon Mortgage Services are NOT permitted to handle client money except for General Insurance products. We cannot accept a cheque made out to us (unless it is in respect of an item for which we have sent you an invoice) or handle cash.
Disclosure of charges/fees:
A fee will usually be charged for arranging a mortgage, this depends more on the complexity of the case than the amount, where all documentation and information that would usually be required is available at the start of the process this fee is reduced by 50%.
Where a application is accepted as a standard application and subsequently credit history or any other facts come to light (that the applicant should reasonably be aware of) that require a change of lender then a higher fee will be applied, as we are having to resource and submit to different lenders.
Our aim is to have all relevant information at the start of the process to enable the quickest and most efficient service.
All charges/fees will be fully disclosed to you. These will be disclosed in summary form before we undertake any work for you. The precise charges relating to any recommendations we make will be confirmed in your Suitability Report or relevant product disclosure information that is provided to 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 from the insurance provider, we reserve the right to charge you a fee of £150 as a administration fee, if the policy was set up with a cash back to you this cash back will need to be returned, these terms apply for a period of up to four years after commencement of the policy. 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
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In all cases to enable us maintain the highest levels of compliance standards we need to have returned to us all signed copies of Suitability Letters / Reason Why Letters, signed copy of the Fact Find document plus any other documentation requiring a signature. Where a insurance cash back has been arranged payment will not be made until all required documentation is satisfactorily received.
There is no additional cost to you for using a means of distance communication.
Compensation arrangement
Whilst we will always strive to complete your instructions as quickly and efficiently as possible, due to the nature of our business as a broker and intermediary dealing on your behalf with third parties we are not responsible for any delays or cost incurred via delays.
We are 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
Insurance advising and arranging is covered for 90% of the claim, without any upper limit.
Or
For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, without any upper limit.
Mortgages
Mortgage advising and arranging is covered for up to a maximum limit of £50,000.
Further information: http://www.fscs.org
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