The Mortgage Factory: 2 Queens Square, Poulton-Le-Fylde, FY6 7BN.
The Mortgage Factory is an Appointed Representative of Mortgage Advice Bureau, who are authorised and regulated in the UK by the Financial Conduct Authority
Residential
We offer a mortgage review service that is representative of the whole of the market, but not deals that you can only obtain by going direct to a lender.
We do not provide advice on 2nd charge mortgages or bridging loans. Where customers have a need for these types of loan, we will refer you to a specialist broker.
Business Buy-To-Let; Consumer Buy-To-let
We offer a mortgage review service that is representative of the whole of the market, but not deals that you can only obtain by going direct to a lender.
We do not provide advice on 2nd charge mortgages or bridging loans. Where customers have a need for these types of loan, we will refer you to a specialist broker.
It is important to point out that not all mortgage loans and services are regulated by the Financial Conduct Authority. Some of the advice and services we provide may relate to loans which are either unregulated or have limited consumer protection.
We will confirm to you if any product we are recommending is not regulated by the FCA.
You should note that if we are arranging a ‘Buy-to-Let’ Mortgage for you, it is very important to understand that very few Buy-to-Let mortgages are regulated by the Financial Conduct Authority (FCA).
We will confirm to you if any product we are recommending is a Business Loan; a Business Buy-to-Let or a Consumer Buy-to-Let Loan.
No fee for Life Assurance, Critical Illness, Income Protection, Accident Sickness & Unemployment, Home Insurance, and Private Medical Insurance. We will be paid by commission from the company, that has already been included in the premium.
For residential mortgages:
Fees vary according to individual circumstances and we will agree our fees with you before we undertake any chargeable work. This fee is for advice, research, recommendation, implementation (e.g. application, administration of arranging the loan). We will also be paid by commission from the lender.
We typically charge a fee of £495. Our maximum fee is 2% of the mortgage advance. Our fee is payable on offer or completion.
Our fee is payable if you cancel the application after the mortgage has been offered
Should you wish you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendation to you.
NB- The amount of commission will vary depending on individual circumstances, the lender and product. The exact amount of the commission will be explained to you before you apply for a loan.
Business Buy-To-Let; Consumer Buy-To-let:
Fees vary according to individual circumstances and we will agree our fees with you before we undertake any chargeable work. This fee is for advice, research, recommendation, implementation (e.g. application, administration of arranging the loan). We will also be paid by commission from the lender.
We typically charge a fee of £495. Our maximum fee is 2% of the mortgage advance. Our fee is payable on offer or completion.
Should you wish you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendation to you.
NB- The amount of commission will vary depending on individual circumstances; the lender and product. The exact amount of the commission will be explained to you before you apply for a loan.
If you ask us to refer you to a specialist broker for 2nd charge lending, we will receive a payment from the broker if they arrange a loan for you. The amount of the payment will vary according to circumstances but will typically be % of the loan amount of which we will receive 35%. For example, on a £20,000 2nd charge loan your fee would be £800, of which £280 would be passed to us.
You will receive a mortgage illustration when considering a particular mortgage, which will tell you about any fees relating to it.
The fees outlined above are NOT be subject to VAT.
Any variation to this amount will be confirmed in writing to you before proceeding further. This may be for example for larger or more complex loans, or where your personal situation is more complex regarding income sources, taxation, residence, and credit rating.
Set out below are the details for the ongoing service that we deliver to our clients.
You can if you wish to, add or enhance levels of service with your adviser if you feel appropriate (usually for an agreed fee).
There is no fee for the following level of service, as we will have been paid commission from the mortgage lender or insurance provider at inception of your mortgage or protection plans.
We will make reasonable endeavors to contact you. Please be aware that should we not be able to review your mortgage before the end of any special term, this may result in you paying considerably more for your loan.
If you have a complaint about your Adviser or any financial advice you have received from your Adviser, please contact us:
In writing:
Mortgage Advice Bureau
Capital House, Pride Place, Derby. DE24 8QR.
Telephone: 0800 085 0118
We will be happy to provide you with a summary of the internal procedures for handling complaints, this is available without charge upon request.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (e.g. if we arranged insurance or a regulated mortgage product).
The Financial Ombudsman Service can be contacted as follows: The Financial Ombudsman Service, Exchange Tower. London E14 9SR
Telephone: 0300 1239123
E-Mail: complaint.info@financial-ombudsman.org.uk
You should note that if your Buy-to-Let Mortgage is not regulated by the FCA, you will NOT be entitled to refer the complaint to the Financial Ombudsman Service.
This is the current process. Should it change we will notify you the next time we meet by issuing you with an updated version of this document. If, however, you want to have the updated version sooner you can request them at any time, and I will provide you with the updated compensation process.
We are an appointed representative of Mortgage Advice Bureau.
The permitted business of Mortgage Advice Bureau is advising on and arranging pensions, investments, mortgages, life assurance and general insurance.
You can check this on the FCA’s Register by visiting the FCA’s website https://register.fca.org.uk/s/ or by contacting the FCA on 0300 500 8082.
The FCA address is: 12 Endeavour Square, London. E20 1JN
The FCA has rules which affect the rights you have as a customer. In our dealings with you we will be representing you as the customer, rather than acting on behalf of an insurer.
We classify all our individual customers as ‘retail’ customers. The range of financial products and investments we recommend are tailored to meet the needs of retail customers. You will have rights under the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS). These rights will apply to the provision of the advice we provide.
In most cases these rights will also apply to the products we recommend. However, there are some exemptions for specialist products such as Enterprise Investment Schemes and Venture Capital Trusts. Your adviser will let you know if the product recommended will not have rights under the FOS or FSCS.
There are other classifications of customer that don’t have these rights. These are “professional” customers and “eligible counterparties”.
You have the right to be classified as a professional client and revoke this status on request. Should you feel you have the skills knowledge and experience to be a Professional client and don’t wish to have the same protection afforded to retail clients, please let me know and we will complete the forms necessary to reclassify you.
If you have any questions regarding your classification (e.g. if you are a large company), please inform Mortgage Advice Bureau, or to the Financial Ombudsman Service and FSCS.
We do not handle Client Money. We never handle cash and will only accept a cheque made out to us in settlement of Advice and Service Charges. Our preferred method of payment is via bank transfer.
Any financial advice we provide will be based on your personal financial circumstances and objectives. It is important that the information you give us is both accurate and a true reflection of your current circumstances.
It is your responsibility to provide complete and accurate information to a provider (a provider being for example, an organisation that provides insurance, mortgage, or investment related plans).
It is important that all statements made on any proposal form, or on any additional documentation are full and accurate.
Please be aware that if you fail to disclose any relevant information, or any change of circumstances to a provider, then the terms of your desired plan may be invalidated (e.g. an insurance claim may not be paid). We strongly recommend that the information you provide is checked thoroughly prior to submission.
Full details of the final Advice will be provided in the Suitability Advice Report. Details of any fees payable and future service agreements will be provided in the ‘Authority to Proceed’ document prepared for you by your Adviser. You will be asked to sign and return a copy of this document to confirm your understanding and acceptance of the arrangements.
Unless agreed by us at outset all communication will be completed in English. We will communicate in a manner that is convenient to you, this could include Face-to-Face meetings, Post, E-mail and by telephone.
All advice will be conducted in the UK. We do not have permissions to give advice when either you or I are located in any overseas location.
Mortgage Advice: I will send you a Suitability Advice Report setting out the reasons for my recommendation within 15 days of making that recommendation.
Protection Advice: I will send you a Demands and Needs statement setting out the reasons for my recommendation before the policy starts. If I am advising you by telephone, and the policy starts on the same day the Demands and Needs statement will be sent by the end of the next working day.
The service we provide is described as an ’intermediation’ service. This means we provide advice with the intention of acting between you and a product provider to arrange a financial product or service. If we did not do this, we would be liable for VAT on the fees charged. VAT is not applicable on the fees we charge for intermediation services. In arranging the sale of retail financial products an adviser fee made for advice, even if you decide not to proceed with the purchase of the recommended product, will remain VAT free where the adviser has provided you with full advice services up to that point, including all relevant documentation.
In the event that the advice services we provide become ancillary to our intermediation services, VAT may become chargeable (e.g. we review your entire financial circumstances but make no or limited recommendations).
Should this change in the future, and where VAT becomes due, we will notify you before conducting any further work. In any case, where VAT is payable on our services it will be charged in addition to the agreed fee.
To ensure that customer interests are always put first, we operate a robust Conflict of Interest and Inducements Policy. If a potential conflict of interest does arise it will be actively managed, and we have arrangements in place to ensure that all our clients are treated fairly. If we feel that our interests conflict with yours, you will be contacted, and we will obtain your consent to proceed. Our conflict of interest policy is available on request.
Mortgage Advice Bureau of companies offers a range of pension, protection, and investment solutions through both a UK and International platform. This may give rise to a potential conflict of interest where a company within Mortgage Advice Bureau has a suitable solution for your needs. If such a situation occurs, I will ensure that my recommendation is the best execution of your needs. I will also highlight the potential conflict of interest at the time of making the recommendation.
All transactions relating to the services provided by us are covered by The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. The FCA also requires that we have appropriate measures in place to prevent the furtherance of financial crime.
Our responsibilities include but are not limited to verifying the identity and address of our clients and any third-party making payments on their behalf. If required, you must supply proof of your identity in accordance of the above Regulations. Identity verification checks may include electronic searches of the electoral roll and the use of credit reference agencies, which will result in a soft ‘foot-print’ on your credit records.
This footprint is not visible to other financial service providers and does not affect your credit rating in anyway. In accordance with the Data Protection Act 2018 acceptance of these terms and conditions represents your permission for us to access this information.
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. i.e. it differs for investments, insurance, mortgages, and bank accounts.
Further information about compensation scheme arrangements is available from the FSCS.
All of our agreements provided are governed and construed in accordance with the laws of England and Wales. In relation to any dispute, for your protection you agree to submit to the non- exclusive jurisdiction of the English courts.
The personal information you provide will assist your financial adviser in offering you the best advice as required by the Financial Services and Markets Act 2000. The personal data you provide will be used and stored in accordance with the Data Protection Act 2018 which incorporates the requirements of the General Data Protection Regulation (GDPR) into UK legislation. Before collecting any data from you, you will be issued with a Privacy Notice Document and will be asked to agree to the collecting, storing and use of your Special Category Data.
We will endeavour to explain the service that we provide, the true cost, benefits and consequence of any product or service you buy from us.
We will ask a number of questions that will enable us to fully understand your circumstances, needs and budget.
Your personal information will always be treated in the strictest confidence.
We will strive to make strong relationships with product and service providers to ensure they mirror our commitment to you.
We will always explain paperwork to you in a way you understand and support our advice with timely, easy to comprehend documentation.
We aim to ensure that you have the chance to purchase the right product or service to meet your short and longer term needs.
On occasions that we feel it is appropriate for us to charge a fee for our services we promise that it will reasonable and justifiable.
We will always attempt to give you the best advice ~ even if it means losing your business to a competitor.
All of our staff will be professional and courteous to you ~ even if they are not directly involved in your business.
If you are unhappy with the service we provide we will take your complaint seriously and attempt to resolve the matter to your complete satisfaction.
The Mortgage Factory is the trading style of Mortgage Factory UK LTD, an appointed representative of Mortgage Advice Bureau which is authorised and regulated by the Financial Conduct Authority. The guidance and/or information contained within this website is subject to UK regulatory regime and is therefore targeted at consumers based in the UK. Your home may be repossessed if you do not keep up the repayments on your mortgage. Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.
The Mortgage Factory is registered in England & Wales: No. 06324559. Registered Office: 2 Queens Square, Poulton-Le-Fylde, Lancashire, FY6 7BN.
