Client Agreement

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.

Homeline Mortgages Limited is 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. Following our initial discussion, should you decide to go ahead there is a cost for our advice and services.

OUR SERVICE

The services that you have selected and the charges for those services are confirmed in Section 9 – Your Consent at the end of this agreement. 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 considered your financial objectives and attitude to any risks that may be involved. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider.

COMMENCEMENT

This agreement shall commence on the date of signature and shall remain in force until terminated in accordance with Section 6 – Cancellation below.

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.

Our charges/fees will be VAT exempt unless the work we provide for you only involves advice and/or preparing a report, in which case VAT may be applicable. We will always tell you if you have to pay VAT before we undertake any work for you.

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, but not deals that you can only obtain by going direct to a lender.

Alternative Finance Options

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

Payment Options
You can pay for our mortgage services by:
A combination of fee and commission from the mortgage lender.

Paying by a combination of fee and commission from the lender:

Your initial mortgage consultation is obligation free. We may charge a fee of up to 1% of the amount to be borrowed. For example, if the total amount borrowed is £150,000 our 1% charge would be £1,500. However, we only charge up to 1% of the total amount borrowed if the case is particularly complex. Our typical fee is £495.

Fees may vary depending on your circumstances and mortgage loan amount, if your case is a complex one, we will discuss this with you prior to you signing our client agreement and before you make a mortgage application.

Our broker fee is payable in two stages, the first £295 is payable once we have submitted your mortgage application, the remaining balance will become due once your mortgage offer has been issued.

We may receive commission from the mortgage lender in addition to the fee we have charged you, which we will also retain. All fees will be disclosed on the Key Facts Illustrations (KFI) or European Standardised Information Sheet (ESIS) you will receive relating to your chosen mortgage.

You will receive a KFI or ESIS when considering a particular mortgage which will tell you about any fees relating to it.

If we charge you a fee, and your mortgage does not go ahead, you will receive:
No refund if we have carried out credit searches/research/ product options and sourced a suitable mortgage provider.

Lifetime Mortgage

Lifetime Mortgages are a way of releasing the wealth tied up in your property. With a Lifetime Mortgage product you have to be over a certain age (typically over 55) and own your own home. There are two main types of equity release plans on the market – Lifetime Mortgages and Home Reversion Plans.

Where you are eligible for equity release we advise on Lifetime Mortgage products. This means we will advise and make a recommendation after we have assessed your needs.

We offer advice on Lifetime Mortgage Products from the whole market but we do not advise on Home Reversion Plans.

You can pay for our Lifetime Mortgage services by:

A combination of fee and commission from the Lifetime Mortgage provider.

Paying by Fee and Commission

We charge a fee of 1% of the total cash reserve available to you. This fee is payable on completion of the lifetime mortgage. A cash example of this would be: If the total cash reserve available was £100,000, our fee would be £1,000.  We may also receive a fee or commission from the Lifetime Mortgage lender in addition to the fee charged to you which will be disclosed on the Key Facts Illustrations you will receive relating to your chosen product.

You will receive a Key Facts Illustration when considering a particular Lifetime Mortgage product which will tell you about any fees relating to it.

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, health insurance and life cover. We advise on non-investment protection products such as term assurance, income protection and critical illness from a range of insurers.

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. Although you may pay nothing to us up front that does not mean that our service is free. You still pay us indirectly through deductions from the amount you pay into your product.

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.

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 / product that we are recommending. You may ask us to provide you with additional KFIs or ESISs for any mortgage / product for which you are eligible.

Anti-money Laundering

We are required by the anti-money laundering regulations to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf and to ensure that the information we hold is up-to-date. For this purpose 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. This check may leave a footprint on your account but will not affect your credit rating.

Conflict of Interests

We will endeavour always to act in the best interests of you, our client. However, circumstances can arise where we or one of our other clients may have some form of interest in 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 interests, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.

Communicating with You

We may communicate with you by telephone, post, e-mail or in person. In certain circumstances, we may ask you to confirm any instructions in writing prior to implementation. All our communications with you will be in English (unless agreed otherwise).

CANCELLATION

Termination of this Agreement

You or we may terminate this agreement and our authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated which will be completed according to this agreement unless otherwise agreed in writing. You will be liable to pay for any services provided prior to termination and any fees outstanding, if applicable.

Product Cancellation Rights

Full details of the products we recommend to you including, for example, the minimum duration of the product, information on your right to cancel or whether no right to cancel exists, and any other early termination rights and penalties, will be covered in the relevant product disclosure information you will receive before the conclusion of any contract.

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 right to cancel a mortgage contract once the mortgage transaction has been concluded.

Instructions for exercising the right to cancel, if applicable, will be contained in the relevant product disclosure information which will be provided to you.

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 28 business days before they are due to take effect.

HOW YOU ARE PROTECTED

Homeline Mortgages Limited is an appointed representative of Baggette and Company Wealth Management Limited, North House, Braeside Business Park, Sterte Avenue West, Poole, Dorset, BH15 2BX which is authorised and regulated by the Financial Conduct Authority (FCA), 25 The North Colonnade, Canary Wharf, London, E14 5HS.

Homeline Mortgages Limited Financial Services Register number is 565780. Our permitted business is advising on and arranging non-investment insurance contracts and mortgages. You can check this 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.

Complaints

If you or any other parties, i.e. guarantors, 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:  write to The Compliance Officer Baggette and Company Wealth Management Limited, North House, Braeside Business Park, Sterte Avenue West, Poole, Dorset, BH15 2BX.

By phone:  +44 (0) 1202 676983

By email: compliance@homelinemortgages.co.uk 

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service please visit 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 (including lifetime 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.

GENERAL

Jurisdiction

This agreement is governed by and should be interpreted in accordance with English law and you agree to submit to the non-exclusive jurisdiction of the English Courts.

Legal and Accounting Advice

Neither our firm nor our employees are qualified to render legal or accounting advice or to prepare any legal or accounting documents. It is hereby understood and agreed that the onus is on you, the client, to refer to a solicitor or accountant any point of law or accountancy that may arise during the course of discussions with us.

Direct Mortgage Deals

We advise on mortgage products from the whole of the market. This means that we source the recommended mortgage from the range of mortgages available to “intermediary” firms. 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.

Unsolicited Promotions

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.

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 car insurance or liability 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.

All other clients (e.g. commercial clients) must still disclose all ‘material facts’ (any information that may influence the insurer’s decision over cover or terms) prior to inception and throughout the period of the policy. Again, failure to disclose material information may invalidate your insurance cover and could mean that a claim may not be paid.

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 before signing them. If you do not understand any point please ask for further information. This client agreement replaces any previous agreements and understandings we have with you and will only be modified where confirmed in writing.

I/We acknowledge that the client agreement will come into effect once it has been signed by all parties.

Please note: If there are two applicants, your information will be sent separately for data compliance.

Consent Form

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Personal information will be treated as confidential by us and held in accordance with the General Data Protection Regulation. Please ensure you read our Privacy Notice which explains how we process and retain your personal data. A link to the privacy notice can be found here.