1. About this document
Please read through and use this information to decide if our services are right for you.
2. Whose products do we offer?
Mortgages:
We offer mortgages from the whole market and are not tied to a particular panel of lenders, however we are unable to recommend and arrange mortgages that are only available directly from certain lenders. We do not offer most types of ‘second charge’ mortgages/loans.
Insurance:
We offer products from a wide range of insurers for life, critical illness & income protection insurance, and a limited panel of insurers for mortgage payment protection insurance. However, if we are not currently arranging protection insurance because we’re too busy with mortgage work, we will refer you to a specialist independent protection insurance advisers instead.
3. Which service will we provide you with?
Mortgages:
We will advise and make a recommendation for you after we have assessed your needs.
Insurance:
We will advise and make a recommendation for you after we have assessed your needs for the insurance products we can offer; or alternatively we will refer you to a specialist firm to take care of your needs as detailed above.
4. What will you have to pay us for this service?
Mortgages:
Most lenders pay us for arranging mortgages with them, however we will also charge you a fee if the amount received from the lender is insufficient to cover the work required.
The amount charged will depend on complexity of the work involved and how much we’re paid by the lender (for smaller mortgages we have to charge more to provide our service as the amount paid by the lender is less).
Here are some examples of what you could pay:
- Arranging a new rate with your existing lender = no fee in most instances
- £500,000+ standard mortgage = no fee
- £500,000+ specialist* mortgage = £195-£895 depending on circumstances/requirements
- £300,000 standard mortgage = no fee-£495 depending on circumstances/requirements
- £300,000 specialist* mortgage = £395-£1395 depending on circumstances/requirements
- £150,000 standard mortgage = £495-£795 depending on circumstances/requirements
- £150,000 specialist* mortgage = £650-£1650 depending on circumstances/requirements
*specialist means non-standard rural property (smallholding/commercial use/agricultural tie), complex income, self build (larger end of scale), commercial mortgages, adverse credit history
There is no charge for initial consultation and the precise fee amount, if applicable, will always be detailed in writing to you before any chargeable work is commenced.
You will receive a mortgage illustration for any regulated mortgage we recommend, which will confirm any fees relating to it; we will provide a similar illustration for an unregulated (buy to let and commercial) mortgage where available, or alternatively confirmation of the main costs and features.
If we arrange a suitable mortgage offer for you and you do not take up the offer, we will not then be paid by the lender for our work and as such may charge you a fee. This is in addition to any fee already charged and will equate to 60% of the payment we would have received had you taken up the loan, although we may charge a different amount by mutual agreement. Therefore if we would have been paid £1000 we might charge you £600. Please ask us if you would like further confirmation regarding this figure. We may refund all or part of this fee following payment for other chargeable work conducted in the future.
Refund of fees
If we charge you a fee, and your mortgage does not go ahead, you will receive no refund. However we may consider a partial refund at our discretion, depending on how much work has been undertaken on your behalf.
Insurance:
There is no fee payable to us, or any other adviser firm we may introduce you to for arranging insurance products. We will normally be paid a commission by the insurance company, or other firm.
You will receive an illustration, which will tell you about costs relating to the particular insurance policy.
Please note that if you subsequently cancel, or cease paying premiums on a policy we arrange and as a consequence we are obliged to refund the commission that has been paid to us, we may charge you a fee equating to 60% of the original commission received, less any amount of commission we have not been obliged to refund to the insurance company. Although by mutual agreement at the time we may choose to charge a different amount. Therefore if we would have been paid £1000 we might charge you up to £600. We may refund all or part of this fee following payment for other chargeable work conducted in the future.
We will not charge you a fee if you exercise your right to cancel a policy in accordance with the cancellation notice sent to you by the insurer.
Fee only option:
We can also offer the option for you to pay us by fee for the work we undertake and we will refund any payment/commission received from lenders or insurance companies.
5. Who regulates us?
Wall 2 Wall Finance is authorised and regulated by the Financial Conduct Authority. Our FCA register number is 301570. Our permitted business includes advising on and arranging mortgages and protection insurance contracts. You can check this on the FCA’s Register by visiting the FCA’s website www.register.fca.org.uk or by contacting the FCA on 0800 1116768.
Please note, the majority of buy to let and commercial mortgages are not regulated by the FCA.
6. What to do if you have a complaint
If you wish to register a complaint, please contact us:
in writing to:
Compliance Officer, Wall 2 Wall Finance, The Old Barn, Vicarage Lane, Compton Dando, Bristol, BS39 4LA
or by phone:
Telephone 01179860736
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
7. 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.
Mortgages:
Mortgage advising and arranging is covered up to £85,000.
Insurance:
Insurance advising and arranging is covered for 90% of the claim, without any upper limit. Further information about compensation scheme arrangements is available from the FSCS.
8. Our dealings with you
We would prefer for you to take instructions from you in writing, or accept terms we have offered, however we will accept oral instructions. Any advice/recommendation we provide will normally be made in writing and you should keep this for your reference. If we happen to provide any advice orally, we will note a record of this on our file.
Once we have provided you with advice and made appropriate arrangements for you, we will not typically contact you on a regular basis to provide further assistance unless you request it. However, we will normally review our records of your mortgage and any insurance policies periodically and contact you to suggest that we reassess your position in light of any changing circumstances such as an initial discounted or fixed interest rate period coming to an end.
Termination:
You or we may terminate our authority to act on your behalf at any time without penalty. Notice of this termination should be given in writing and will not affect the completion of any transaction already initiated on your behalf.
9. Privacy and data protection
We will treat your personal information as strictly private and confidential, only using it where we have defined lawful grounds to do so in relation to us acting as your adviser. We cannot provide our services without the ability to use your information in such a manner.
We do not undertake general marketing activities and will not pass your details to other parties aside those we apply to for mortgage or insurance products on your behalf, or others lawfully connected to these activities.
We fully comply with General Data Protection Regulation (GDPR) and further information regarding GDPR can be obtained from the information commissioners office (ICO) at https://ico.org.uk/.
Please also take the time to read our data privacy notice here:
www.wall2wallfinance.co.uk/data-privacy-notice/