TERMS OF BUSINESS


Who We Are

Street Mortgage Solutions Ltd is a whole of market independent Mortgage and Insurance brokerage. We provide holistic advice on mortgages and non-investment insurance products, priding ourselves on our reputation for offering a superior service based on honesty, integrity and a clear transparent work ethic that ensures we treat every client fairly and professionally.

We are regulated by the Financial Conduct Authority (FCA) who are the independent watchdog that regulates financial services.

We will confirm to you in writing the basis of our recommendations. We will also provide you with either a Key Facts Illustration (KFI) or a European Standardised Information Sheet (ESIS) or an illustration which is a personalised description of the costs and features of the mortgage or product that we are recommending. You may ask us to provide you with additional KFI’s or ESISs for any mortgage or product for which you are eligible.


The Products and Services we will Provide you with:


Insurance

We will advise and make a recommendation for you after we have discussed your needs in relation to protecting you, your family, your home or your business. We advise on non-investment protection products e.g. term assurance, income protection, critical illness and home insurance from a range of providers.

Mortgages

We provide an unlimited mortgage service. We will search the whole of the market place to find the most appropriate mortgage to suit your particular needs. We provide mortgages in the non-business and business markets and for first and second charge loans in both markets. Where required, we work in partnership with Ingard Financial who can also provide advice and make a recommendation on equity release mortgage products.

Alternative Finance Options

Where we provide services in relation to increased borrowing on an existing mortgaged property there may be an alternative option available 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 charge loan may be available.

Equity Release

Equity release is a way of releasing the wealth tied up in your property. With an equity release scheme 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 equity release products. This means we will provide advice and make a recommendation after we have assessed your needs.

We work in conjunction with Ingard Financial Ltd that provide advice from a comprehensive range of equity release products across the market. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.


What we will charge for our service


Insurance

We do not charge a fee for our service, although this does not mean that this service is free. We are remunerated by commission from the provider.
You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.

Mortgages

We offer a selection of fee structures dependent on individual circumstances and requirements

No fee will be charged. We will be paid by commission from the lender.

A fee of £250 is payable upon application, where we provide advice and a subsequent recommendation to obtain a mortgage through a lender that only offers mortgages to customers that apply direct. We will not receive a commission from the lender.

A fee of £250 is payable upon application of the mortgage. We will also be paid commission from the lender. This fee generally applies to standard mortgages.

A fee of 1% of the mortgage loan is payable upon completion, subject to a minimum fee of £1,000. This means that on a mortgage of £50,000 a fee of £1,000 is payable upon completion. As a comparison, on a loan of £200,000 a fee of £2,000 is payable upon completion. We will also be paid a commission from the lender.

An administration fee of £250 is payable upon application.

Second Charge Loans

For second charge loans we offer 2 fee structures dependent on individual circumstances and requirements.

No upfront costs - Ingard will cover the cost of the valuation and other associated costs. A fee of 10% of the loan is payable upon completion, subject to a minimum fee of £1,000. This means that on a loan of £50,000 a fee of £5,000 is payable upon completion. All fees are subject to a maximum fee of £5,000. We will also be paid a commission from the lender.

Upfront costs – Costs such as the valuation are payable by you the client at outset. (A full list of costs will be provided at outset). A fee of 2% of the loan is payable upon completion, subject to a minimum fee of £1,000. This means that on a loan of £20,000 a fee of £1,000 is payable upon completion. As a comparison, on a loan of £200,000 a fee of £4,000 is payable on completion. We will also be paid a commission from the lender.

You will receive a Key Facts Illustration (KFI) / European Standardised Information Sheet (ESIS) when considering a particular mortgage, which will tell you about any fees relating to it.

If we are paid a commission from the lender, you have the right to request information on the levels of commission we will receive from the different lenders in relation to any mortgage product recommended.

Equity Release

A fee of 1% of the mortgage loan is payable upon completion, subject to a minimum fee of £1,995. This means that on a mortgage of £50,000 a fee of £1,995 is payable upon completion. As a comparison, on a loan of £200,000 a fee of £2,000 is payable on completion. We will also be paid a commission from the lender.

You will receive a Key Facts Illustration (KFI) when considering a particular equity release product, which will tell you about any fees relating to it.

If we are paid a commission from the lender, you have the right to request information on the levels of commission we will receive from the different lenders in relation to any mortgage product recommended.

Refund of Fees

If we charge 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.


Who Regulates Us


Street Mortgage Solutions Ltd is an Appointed Representative of Ingard Financial Ltd which is authorised and regulated by the Financial Conduct Authority.

Our permitted business is recommending and advising on regulated mortgage contracts and regulated non-investment insurance contracts.

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 1116768.


What to do if you have a complaint


Please see our Complaints Procedure here.

Are we covered by the Financial Services Compensation Scheme (FSCS)?

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.

Insurance advising and arranging is covered for 90% of the claim, without any upper limit.

Mortgage advising and arranging is covered for 100% of the first £50,000 so the maximum compensation is £50,000.

Further information about compensation scheme arrangements is available from the FSCS at www.fscs.org.uk.

Complaints Procedure

If you should wish to make a complaint about our firm you may do so by contacting us either in writing to the following person and address:

David Ewing, Ryan House, 18-19 Aviation Way, Southend, Essex, SS2 6UN

Or by email to:Email: ku.oc1556188695.drag1556188695ni@gn1556188695iwe.d1556188695

Or alternatively by phone or fax to:

Telephone: 01702 533400

Fax: 01702 533431

We take care to maintain high standards of service. If we are aware of client concerns or unease we give priority to resolving the matter as quickly as possible. To assist with this process we have prepared procedures to ensure that complaints are handled fairly and within reasonable timescales. These procedures are as follows;

Upon receipt of a complaint a senior person, who is independent of the case, will investigate the complaint. You will be given the name and contact details of the person dealing with your complaint. We will aim to resolve the complaint as quickly as possible. The person investigating your complaint will;

  • Initiate a record and file of your complaint
  • Acknowledge your complaint as soon as is reasonably practicable after the receipt of your complaint. This will generally be within five working days of receipt.
  • The acknowledgement may, especially in the case of an oral complaint, set out the nature of the complaint and may request further clarification if necessary. Your complaint will be investigated using our files together with reports from other parties if relevant. We may also write to you if further information is required. We will keep you informed of the progress of the complaint investigation.

After eight weeks – If a final response letter has not already been sent to you, you will receive;

A final response letter detailing our conclusions and resolution to the complaint. This letter will also confirm that if you remain dissatisfied with our final response that you may refer your complaint to the Financial Ombudsman Service within six months of the date of our final response letter, otherwise you would lose this referral right. A copy of the Financial Ombudsman Service leaflet ‘your complaint and the Ombudsman’ will be enclosed, if not already supplied.

or

A response that we are still not in a position to make a final response, giving the reasons for the further delay and indicating when we expect to be able to provide a final response;

and

Informing you that you may refer your case to the Financial Ombudsman Service if you are dissatisfied with the delay. A copy of the Financial Ombudsman Service leaflet ‘your complaint and the Ombudsman’ will be enclosed, if not already supplied.
Please bear in mind that if your complaint involves information from third parties some delays could be beyond our control. We will however, pursue information on a regular basis. In the event that we receive a complaint that is not about us, or our services, and assuming that we can identify the firm to whom the complaint should be addressed, we will carry out the following action:

  • We will write to the firm concerned, explaining that we believe the complaint to be theirs, and suggesting that they contact you, the client, directly.
  • We will enclose a copy of the original complaint letter.
  • We will write to you, the client, giving contact details of the firm, and invite you to get in touch with them. We will also enclose a copy of the letter we send to the firm.
  • We will copy the new firm in on this letter as well.
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