Mortgage and Non-Investment  Insurance arranging and advising
Terms and conditions of business

Please read the following carefully, before signing.

Information Relevant to Your Mortgage Needs

We will provide you with information relevant to your mortgage needs, covering such items as an explanation of the main repayment methods and the implications of taking out a mortgage.  We are also able to arrange protection insurances, such as buildings and contents, non-investment life cover and income protection cover in case of accident, sickness or unemployment cover.  These types of policies are known as non-investment insurance policies.

Initial Disclosure (IDD) and Illustration (KFI) Documents

Your mortgage adviser is required to supply you with these documents in a personalised format prior to any application for a mortgage and/or non-investment insurance. It is important that you become completely familiar with these documents and be aware of their content before making any financial commitment.

Our Process Explained

At commencement of the process we will disclose our regulatory status to you by issuing a branded document [Initial Disclosure Document (IDD)] that is designed to give you important clear and succinct information regarding Clear Mortgage Solutions (Bradford) and the services that we offer. This is also the time that we will normally issue this document, the Clear Mortgage Solutions (Bradford) Terms of Business (TOB). A little later in the process we will complete a detailed fact-finding questionnaire to enable appropriate advice to be given to you on your mortgage and/or non-investment insurance requirements.
Once we have established the most suitable lender/provider that best suits your ‘Demands and Needs’ we will provide you with an Illustration [Key facts Illustration (KFI)] This will illustrate in detail the product we have recommended and the costs involved in setting up your regulated business contract.  Once we have made our recommendations to you, we will confirm our advice in writing, in the form of a Suitability Letter.  These recommendations will also include any implications of taking out a mortgage and/or non-investment insurance.  You should safeguard this Suitability Letter carefully, as it will be an important record of our discussions.  Details of the loan/insurance will also be confirmed in your lender’s formal offer/provider’s acceptance letter or policy document.
In summary therefore, you need to have read and be familiar with these TOB, the IDD, the KFI, the Suitability Letter and the lender’s offer/providers acceptance letter or policy document. Although this may seem like a great deal of documentation, it is important that you make careful and informed decisions and it is our aim to help you with this process. All documents must be read and understood by you and we invite any questions or concerns you may have relating to the advice given.

Clear Mortgage Solutions (Bradford)’s assessment of whether you can afford to enter into a regulated mortgage contract is based on current interest rates, which might rise in the future; and your current circumstances, which might change in the future. You need to be aware of these facts and if these variables change you may not be able to afford the mortgage, which could result in your property being repossessed. Remember  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.  THE ACTUAL RATE AVAILABLE WILL DEPEND UPON YOUR CIRCUMSTANCES.  ASK FOR A PERSONALISED ILLUSTRATION

Receiving Payments

For mortgage and non-investment insurance business Clear Mortgage Solutions (Bradford) does not handle client monies.
We never handle cash or accept a cheque made out to Clear Mortgage Solutions (Bradford) unless it is a cheque in settlement of our charges or disbursements for which we have previously disclosed to you, for example in the Initial Disclosure Document, Key Facts Illustration or fee note.
Crossed cheques for various ancillary fees should only be made payable directly to the relevant third party (for example mortgage lender, surveyor, solicitor)
You should decline to give any money to, or write cheques payable to an individual mortgage adviser. Individuals that represent Clear Mortgage Solutions (Bradford) are not to handle client money any receipt by them of such a payment from you will not be regarded by Clear Mortgage solutions (Bradford) as being a transaction for which Clear Mortgage Solutions (Bradford) will have any responsibility.

Claims Handling

Clear Mortgage solutions (Bradford) does not have a delegated authority to pay claims and in the event of a claim act for the insurance company.  We will assist you in making that claim and pass details on to the insurer.

Cancellation Rights

You have a right to cancel the insurance contract within a specified time period.  The period of cancellation for accident, sickness and unemployment and for building and contents insurance is 14 days and for all other non-investment insurance, 30 days.  The cancellation period begins on the latter of:- the day of the conclusion of the contract; or the day on which you receive the contractual terms and conditions and information in a durable medium i.e. a paper record. 

Termination

Termination is without prejudice to any transactions already initiated, which will be completed according to: these terms of business, the disclosure document and illustration, unless otherwise agreed in writing.  You may terminate your instructions to us at any time. We reserve the right to require such termination to be in writing.  We may terminate this agreement by giving you a minimum of 14 days’ notice. No penalty shall be payable on any termination but we shall reserve the right to be remunerated for work undertaken prior to such termination. Any such termination shall be subject to completion of any transactions, which are in progress at that time.

Conflict of interest & material interest

Occasions can arise where we, or one of our other clients, may have some form of interest in business, which we are transacting for you.  If we become aware that our interests or those of one of our other clients conflict with your interests, we will inform you and obtain your consent before we carry out your instructions.

Records & Data Protection Act 1998

Under the Data Protection Act 1998 [DPA 1998], you or your appointed agent, have a right to inspect computer (and certain manual) records relating to yourself and your transactions through ourselves and where appropriate have it corrected or deleted.  All such requests for information must be referred to the Data Protection Officer. As we treat all our clients’ records as confidential, we reserve the right to give you copies of your records, where in certain circumstances to release the original would compromise other clients’ confidentiality.  We reserve the right to give you copies of your records where access to your data is necessary to protect your privacy.  You do not have the right to demand access to data for any other purpose.
 
So that we may fully understand your circumstances and requirements, Clear Mortgage Solutions (Bradford) will need to collect information about you, which we will hold as Data controllers under the DPA 1998.  Clear Mortgage Solutions (Bradford) will use this information to analyse your current and future financial needs so that we can ensure that any subsequent advice is suitable to your particular circumstances. Our regulator the FSA requires us to keep records of our business transactions for at least three years. However, we will not keep records longer than is necessary. Where other companies provide services to Clear Mortgage Solutions (Bradford), then circumstances may arise which warrant the disclosure of more than just your basic contact details. On these occasions, such as processing business and obtaining compliance and regulatory advice, you are aware that sensitive personal information (for example health details) held by us may be disclosed on a confidential basis to such companies. You also agree that for the purposes described above your data may be transferred to countries outside the European Economic Area (EEA).

Introductions

There will be occasions when clients are introduced to us from third parties, for example accountants or solicitors. Under such circumstances, we may rebate part of the fee that we charge you back to the introducer, as payment for making the introduction. As part of the documentation that we will give you, we will tell you the total fees you will have to pay, although we will not tell you what proportion of those fees that may be rebated to introducers. This responsibility will be with the introducer (where introducer fees are payable).

DECLARATION AND CONSENT

I/We have read and consent to the above Terms and Conditions of Business and confirm the issue and receipt of the IDD.  I/We hereby authorise the transfer of information between such third parties, as described above, on a confidential basis when warranted.  I/We agree that the Terms of Business will come into effect from the date of their receipt. I/We authorise Clear Mortgage Solutions (Bradford) to act on my/ our behalf in obtaining the mortgage loan and/or any required non-investment insurances. I/We agree to pay £        at the outset and £           on completion of the mortgage.

Signature………………………………..............................                         Signature………………………………................................          

Full Name……………………………….............................                          Full Name………………………………................................

Date……………………………….....................................                         Date……………………………….......................................