Terms of Business
You can download a PDF of our Terms of Business or continue to read below.
SERVICE LEVEL AGREEMENT
We operate remotely and everything is transacted by post, phone and email.
You will receive our documentation by email and can complete it at your leisure.
We estimate our documentation will take approximately 2 hours to complete depending upon how complex and organised your own financial and personal information is.
We will collate all of your information and we will then complete any lender application forms on your behalf. As such you should only need to provide the information to us once.
Subsequent applications may require updated bank statements, proofs of address, income etc. and if your details change you will also need to notify us.
We have developed a two stage documentation process to enable a combination of meeting our regulatory requirements and processing your mortgage in the fastest time possible.
The initial information and documentation that we require can all be scanned and emailed to enable us to carry out our research, recommendation, obtain a decision in principle and submit your application.
We will typically email you an outline of our recommendations or discuss these by phone.
Decisions in principle can usually be obtained online the same or next day, subject to the lender.
We aim to get you a decision in principle within 48 hours of receiving all the required information and confirmation of the product.
Applications can usually be submitted within 48 hours of receiving card details to pay for fees and any other information required for the application.
You will need to provide us with your credit or debit card details by post, fax or preferably phone to pay for any lender fees such as application or valuation fees.
We can also take our fees by credit or debit card and we even take AmEx!
Please do not provide card details by email.
Once the application has been submitted and while we await the valuation we will ask you to process the remainder of the documentation which can be posted and/or emailed.
We will ask you to post us any documents to verify your identity (usually passport or driving licence) and proofs of address. Plus, proof of income and deposit and any other documents we, or the lender, may require.
Alternatively, these items can be certified by an appropriate third party and scanned or posted to us.
We will post any items back to you at our cost; most items will be posted recorded delivery and passports, driving licences and certificates will be posted special delivery.
Along with your offer we will provide you with an outline of any recommendations we have made and services we have provided.
We will also include useful information to guide you on risks, warnings and further considerations you should make as part of your new financial arrangements.
We will provide you with fee agreements for all fees that we have charged you for our services. We cannot however provide you with an invoice for fees the lender or provider has charged you but these are usually detailed in your Illustration and/or offer documentation and can be used for your accounts.
We aim to service your future needs in the following ways: –
– Future mortgage applications.
– Notification of product expiries.
– Processing of further advances and product transfers.
– We will arrange any future mortgages, product transfers and further advances on the same property for no fee as long as a commission is paid by the lender. Where no commission is paid a fee will be agreed in writing before commencing any work.
– If you require it we can refer you to appropriate advisers for your insurance needs and other requirements such as pensions, wills and trusts and tax advice.
– Information about, and access to, new and exclusive products and services.
FEES AND COSTS
Residential and Buy to Let Mortgages
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 agreeing to them. If you do not understand any point please ask for further information
This Client Agreement will come into effect immediately from the date the document was sent to you.
We work with the majority of clients on an exclusive basis; this is to ensure that you do not damage your credit profile or our mutual relationship with lenders by using multiple advisers.
In addition, we can serve you better by attending to all your finance requirements holistically.
When you appoint us as your adviser we will continue to act for you in good faith on the basis that you will not be using the services of any other advisers.
You should inform us immediately if you do so and we reserve the right to terminate our relationship with you as a result.
There are exceptions to this such as bridging and development finance, however please do inform us if your intention is to continue to use the services of another adviser as well as ourselves.
We are authorised and regulated by the Financial Conduct Authority (FCA) under reference 677568 on The Financial Services Register. The FCA is the independent regulator of financial services in the United Kingdom.
We offer a comprehensive range of mortgages and secured loans from across the market.
We do not advise on or offer mortgages or loans that you can only obtain by going direct to a lender.
We do not advise on or offer mortgages or loans that you can only obtain by going via a mortgage or loan packager.
We offer products from a range of insurers for Building and Contents Insurance, Accident Sickness and Unemployment Insurance, Life Assurance, Critical Illness Cover, Income Protection, and Private Medical Insurance via our specialist insurance advisers to whom we will refer you to if required.
We will act on your behalf for the purposes of arranging and advising on mortgages, pure protection and general insurance. We will at all times act on your behalf and not on behalf of any specific lender or provider.
We may also advise on products and services which are not regulated by the Financial Conduct Authority. We will tell you where this is the case.
Most forms of Buy to Let and Commercial mortgages are not regulated by the Financial Conduct Authority (FCA). This means that you may not be able to make complaints about this type of mortgage to the Financial Ombudsman Service. Redress is unlikely therefore through the Financial Services Compensation Scheme if you have a complaint. Please read the FCA fact sheet on Buy to Let we have also provided in the appendix to this document for full details.
Unless agreed otherwise in writing we will not be obliged to review in the future any product or policy that we have arranged for you.
What we don’t do
– Execution only business; all business will be on a fully advised basis only. We will not transact business where our advice is ignored.
– Arrange bridging finance with no clear exit strategy or a lack of appropriate income or experience for any exit finance.
– Commission only mortgage or loan business.
– Any form of self-certification mortgage; in all cases we require evidence of income.
– Applications where the deposit source is not clear or comes from an unrelated third party; in all cases we will require evidence of deposit.
We will not ever discriminate for any other reason such as disability, gender, race, religion, nationality, age or sexual orientation.
How we charge for our services
We charge for our services by way of a fixed fee, which will be agreed with you before we carry out any chargeable work.
Additionally, we are usually paid commission on products we arrange. We will inform you how much commission we receive.
We will provide you with further details about the cost of our services separately by way of a fee agreement and an invoice for our services upon request. Our standard fees are also featured earlier in this document.
Financial services do not usually incur VAT however we will tell you if you have to pay VAT.
It is possible that other costs, including taxes (e.g. stamp duty) related to the business we arrange, may arise. These costs will not be paid by our firm but borne by you.
If we arrange for you a contract from which we receive initial commission and subsequently you cease to pay premiums which results in us refunding the commission which has been paid to us, we reserve the right to recover from you an amount equal to the amount we have had to refund without the need for a separate fee agreement. The amount recoverable and the timeframe over which it is recoverable are dependent on the product chosen.
Further details of the amount and timeframe will be notified to you prior to the conclusion of the contract in the Suitability and Recommendation email we will send you. This will not apply where you exercise your statutory right to cancel the contract.
We prefer instructions to be in writing; if instructions are given orally they should also be confirmed in writing. We may refuse at our discretion to accept certain instructions, although such discretion will not be exercised unreasonably.
Except in respect to settlement of our invoices for agreed fees, cheques should be made payable to the product providers only. We do not accept cash payments nor do we hold client money.
We will normally register all products and/or investments in your name unless otherwise instructed in writing.
In certain circumstances products may be registered in the name of a nominee company, for ease of administration, although you will remain the beneficial owner of those products.
If we become aware that our interests, or those of another client, conflicts with your interests, we will inform you in writing and obtain your consent prior to proceeding with your instructions.
We will communicate appropriate risk warnings prior to providing products or services. These are for your benefit as you should understand any risks before making an investment.
Please read our separate Data Protection Policy.
Complaints and Compensation
If you wish to make a complaint, please contact us in writing: –
Keys (UK) Limited 24 Skipworth Road Coventry CV3 2XA
Our written complaints procedure is available upon request.
If we cannot settle your complaint, you may be entitled to refer it to the Financial Ombudsman Service (FOS). Further information about the FOS is available from their website www.financial-ombudsman.org.uk
If we cannot meet our obligations, you may be entitled to compensation from the Financial Services Compensation Scheme.
This depends on the type of business and the circumstances of the claim.
Advising and arranging on non-compulsory classes of insurance is covered for 90% of the claim, without any upper limit.
Advising and arranging on compulsory classes of insurance (e.g. motor or employer’s liability insurance) is covered for 100% of the claim, without any upper limit.
Advising and arranging on mortgages, home purchase and equity release is covered up to a maximum limit of £50,000.
Further information about the FSCS is available from their website www.fscs.org.uk
Termination of Our Services
Should you wish to terminate the relationship with us you must notify us in writing.
You can do this by email, post or by completing our Termination of Services form which you can request from us.
We reserve the right to charge you for any services we have provided that have not been paid for at the point of termination.
Rights of Third Parties
These terms of business exclude any rights which may be conferred upon third parties by the Contracts (Rights of Third Parties) Act 1999.
This agreement is governed by English Law and the parties to this agreement hereby submit to the exclusive jurisdiction of the English Courts.