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The Mortgage code came into effect for intermediaries on 30th April 1998 and is a voluntary Code to which we subscribe. The Code sets minimum standards of good lending and advisory practice to be followed by all lenders and mortgage intermediaries. Please ensure you read the 'You and Your Mortgage' leaflet on the Mortgage Code Compliance Board Website, or as sent to you via standard mail from us. This leaflet summarises the Code and what you can expect from us.
We are registered with the Mortgage Code Compliance Board under registration number 5686718. We have Professional Indemnity Insurance cover which satisfies the requirements of the code.
Under the terms of the Code there are three levels of service available. These are
a) Full advice and recommendation
b) Information on different types of mortgage products available to you to allow you to make a choice;
c) Information on a single product only where no advice is given.
We are an independent intermediary and therefore act on your behalf. We offer a full advice and recommendation service in all cases as we feel this best meets the needs of our customers. However due to the specialist nature of our business – primarily advising IT Freelancers – we have found that this can limit the number of lenders with competitive schemes available from which we can make recommendations to you. Because we constantly review the whole mortgage market in line with market conditions we are always able to recommend those lenders and schemes most appropriate to you, the Customer.
We use the 'Mortgage Finder' on our Website to ascertain certain personal and financial information and will ask further questions via email telephone or standard mail in order to enable appropriate advice to be given to you on your mortgage requirements. If you have not completed our 'Mortgage Finder' then we will complete a questionnaire with you via email, telephone or standard mail as appropriate.
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 – a full information list can be found in section 3.2 of the Mortgage Code. Free copies of the Mortgage Code are available on request from our Compliance Officer.
Once we have made our recommendations to you, we will confirm our advice in writing. You should keep this, as it will be an important record of our correspondence and discussions. Details of the loan will also be confirmed in your Lender's formal offer.
We may receive fees from lenders with whom we place mortgages. Before you take out a mortgage, we will tell you the amount of the fee in writing, regardless of the amount.
We will treat all your personal information as private and confidential (even when you are no longer a customer) except where we are permitted by Law or where disclosure is made at your request or with your consent in relation to arranging your mortgage. We are registered under the Data Protection Act of 1998 and you have the right of access to your personal records held on our files and computer. We confirm that this information will not be used or transferred by us to any other firm or company unless we firstly obtain your written consent. We cannot be held responsible for the information we hold becoming inaccurate due to your change of circumstances if you fail to inform us of those changes.
The Mortgage Code Compliance Board (MCCB) may request access to any records we hold on our customers as part of their audit activities. The MCCB's ability to inspect customer records promotes best practice in our industry and ensures that you continue to receive the best possible service from us. Any information will only be used for the purpose of monitoring compliance with the Mortgage Code and the records will still be covered by confidentiality rules and the Data Protection Act of 1998.
Our aim is to provide you with a first class professional and confidential service. We have internal procedures for handling complaints fairly and speedily and, should a complaint arise, in the first instance you should contact our Mortgage Code Compliance Officer at Contractor Financials Ltd, Greyhound House, 23-24 George Street , Richmond, Surrey , TW9 1HY,Telephone 0845 062 8888. We will respond to your complaint within 4 business days of receiving your complaint. Thereafter, should the complaint not be resolved to your satisfaction, we will assist you in resolving it by referring it to the Mortgage Code Arbitration Scheme whose address is; The Chartered Institute of Arbitrators, 12 Bloomsbury Square, London WC1A 2LP. Telephone 020 7421 7444.
This letter solely relates to mortgage business. |
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