Information About Our Services
Please read the following terms and conditions carefully before using our services. By engaging with Elite Independent Mortgages Ltd, you agree to the terms outlined in this document.
Who Are We?
Elite Independent Mortgages Ltd is a firm of mortgage brokers based at 61 Commercial Street, Kenfig Hill, Bridgend, CF33 6DH. We have been providing financial planning solutions for our customers since March 2004 and have a loyal and dedicated client bank. We are independent, which means we work for your interests, not those of a bank or insurance company.
Our team consists of qualified financial mortgage advisers backed up by a dedicated and professional team of support staff.
What Do We Do?
We provide advice and recommendations for mortgages and protection. We can help you choose the right mortgage and advise you on the best ways to protect your family, your home and your lifestyle — whether you are buying your first home, stepping up the property ladder, or looking to release equity.
What Products Do We Offer?
Home Finance Products
We offer the following home finance products: Mortgages, Secured Loans, Lifetime Mortgages, and Equity Release Products. We offer advice across first charge, second and subsequent charge regulated mortgage loan contracts, as well as non-regulated mortgage loan contracts.
We will advise and make a recommendation for you after we have assessed your needs, based on a comprehensive and fair analysis of the market. We have access to the widest possible range of products and companies, but not mortgage loan contracts that you can only obtain by going direct to a lender.
As members of the Equity Release Council, our qualified advisers will ensure that the same high standards that apply in recommending standard mortgages will apply for Lifetime mortgages. Advisers will act at all times in utmost good faith, with your best interests being paramount. This means advisers will treat you fairly, ensure conflicts of interest are identified swiftly and managed fairly, and seek to deliver suitable outcomes from the initial sale through every point of contact during the life of the product.
As members of the Equity Release Council, our qualified advisers will also recommend that you receive independent legal advice and will always recommend products that guarantee a no negative equity situation.
Insurance
We offer products from a range of insurers for term assurance, critical illness, income protection, and buildings and contents. We will advise and make a recommendation for you after we have assessed your needs.
Are We Regulated?
Yes. We are authorised and regulated by the Financial Conduct Authority (FCA) and you are protected by the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS). Please note that not all mortgages are regulated — for example, most Buy-to-Let and Commercial Mortgages are not currently regulated.
Our Ethos
We aim to act fairly and impartially at all times and to communicate with you in a jargon-free, easy-to-understand manner. We aim to provide you with quality advice and to treat you fairly in all matters. We work in your best interests at all times.
Such an ethos will allow us to deliver good outcomes for you by acting in good faith, avoiding causing foreseeable harm and enabling and supporting you to pursue your financial objectives. We will also support you after a mortgage has completed or a protection product is in force.
Our Service Proposition
Full Advice Service
At our first meeting we will introduce ourselves, get to know you, explain our process, complete a thorough fact find, ascertain your objectives, needs, goals and priorities, agree our fees and anticipated timescales. If you want to release more money from your existing property, we will always inform you of the availability of alternative finance options, such as a secured or unsecured loan, and that a further advance may be available from your existing lender.
Following this meeting, using our knowledge of lender criteria, we will assess your needs and complete a comprehensive analysis of the mortgage and/or insurance markets to find a mortgage and protection plan that best suits your personal circumstances.
At our second meeting we will advise and make a recommendation to you, agree the products and providers, and issue an illustration. We may apply for a decision in principle at this point. We will then arrange for the application forms to be completed and submit them with supporting documents, which may include evidence of identification, pay slips, P60s, bank statements, and accounts for self-employed applicants. Please note this is an example list and lenders may request additional information.
Following our meeting we will package the application and forward it to the provider. We will issue you with a comprehensive letter detailing why the recommended product(s) match your needs. We will liaise with lenders, underwriters and solicitors throughout the process and keep you informed of progress.
If for any reason the mortgage or any insurance product does not proceed, we will try to understand the reasons why and source another provider for you.
Execution-Only
In very exceptional circumstances you may advise us that you want a specific mortgage without us assessing your needs and making a recommendation — for example, if you disagree with our advice. We will, in these circumstances, arrange the mortgage on your behalf, but only if we believe this to be in your best interest. We will also ask you to complete a disclaimer and advise you of the rights you will be giving up.
Ongoing Financial Reviews
As part of ensuring continuing good outcomes, we will contact you at the time of a product review. This may not always be an annual review. Should you wish us to conduct a future review due to any material changes in circumstances, we will do so on your instructions. Normally, there is no fee for this unless new processing and recommendation functions ensue.
What Will You Have to Pay for Our Services?
Mortgages, Secured Loans, and Insurance
For arranging a standard residential mortgage for house purchase, re-mortgage, buy-to-let/let-to-buy or commercial mortgage, we will receive commission from the lender. Commission received will be included on the lender's mortgage illustration and will be disclosed to you before you decide to proceed.
Additionally, we will normally charge you an administration and processing fee of up to £399, depending on the amount being borrowed. It may be that £299 of this fee is payable on application submission and the remainder upon receipt of an offer letter from the mortgage provider. A further fee may be charged, but only after discussions between yourself and the adviser. Our fee for product transfer mortgages is up to £199.
Our fee for arranging an Equity Release Mortgage or Secured Loan will be equal to any commission we receive from the lender, plus an administration and processing fee of up to £999 depending on the amount of work involved.
| Mortgage Amount | Typical Fee Structure | Typical Total Remuneration |
|---|---|---|
| £100,000 | Commission from provider 0.35% = £350 + our fee £399 paid by client | £749 |
| £200,000 | Commission from provider 0.35% = £700 + our fee £399 paid by client | £1,099 |
For setting up insurance-based products, any commission we receive will be provided by the product provider only. There will be no additional charges levied by Elite Independent Mortgages Ltd.
Our fee structure provides you with fair value. It reflects the time involved in arranging the recommendation and the variable costs associated with it, including Financial Conduct Authority fees, Compliance fees, Professional Indemnity insurance fees, ongoing professional training fees, office costs, and a profit margin for Elite Independent Mortgages Ltd to continue to trade and provide ongoing support.
How Do I Pay the Fee?
We will discuss the payment options with you and answer any questions you may have. You can pay our fee, if applied, either by bank transfer, cash (receipt issued), cheque, or credit/debit card — in advance before completion, in two instalments, or on completion. Fees paid on completion is often the best approach for Equity Release/Lifetime mortgage arrangements.
Refund of Fees
If we have charged a first instalment (for example £299 of the £399 fee) and the mortgage does not go ahead, we will not refund this amount. The second instalment is usually taken on receipt of the mortgage offer letter.
No refund will be made if you decide not to proceed.
Are You Protected?
Yes. The Financial Conduct Authority (FCA) is the independent watchdog that regulates the financial services industry. Elite Independent Mortgages Ltd of 61 Commercial Street, Kenfig Hill CF33 6DH is authorised and regulated by the FCA. Our FCA Number is 301502. You can verify this at www.fca.org.uk/firms/systems-reporting/register or by contacting the FCA on 0800 111 6768.
We are authorised to provide advice on mortgages, secured loans, home purchase plans, equity release, personal protection and insurance. Some products or services we arrange may not be regulated by the FCA — if this is the case, we will inform you beforehand.
Should you be entitled to compensation and we are unable to pay, you may be entitled to a payment from the FSCS. Broadly speaking, mortgages, secured loans, home purchase plans and equity release plans are covered up to a maximum of £85,000. Insurance arranging and advising is covered for 90% of the claim without upper limit.
What Happens If You Are Dissatisfied With Us?
Should you be dissatisfied with the advice we have given you or with the service provided, you should firstly register a formal complaint with us by writing to the Compliance Officer at our company address or by calling us and speaking with the Compliance Officer or a Director. We will provide you with details of the complaint investigation process, investigate your complaint thoroughly, and write to you to explain our findings.
Individuals and small businesses are protected by the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS). If you are dissatisfied with the way we have dealt with your complaint, you may refer the matter to the FOS at www.financial-ombudsman.org.uk.
Please note that if you are not an individual, you may not have a right to refer your case to the FOS and FSCS. The rules depend on factors such as your turnover, number of employees and the value of your business. If in doubt, please seek more information from us, the FOS or the FSCS.
Fee Agreement
Before we proceed with any service that requires you to pay us a fee, we will detail the fee as accurately as we can and tell you when fees are payable, how they are paid, and the circumstances under which you may be entitled to a refund. We will use a Fee Agreement for this purpose and ask you to sign a copy before proceeding. Our services are not, at present, subject to VAT.
Conflicts of Interest
Occasions can arise where we, or one of our other clients, may have some form of interest in the business we are transacting for you. If we become aware that our interests, or those of one of our other clients, conflict with your interests, we will inform you and obtain your consent to proceed.
Fees Resulting from Third Party Introductions
There will be occasions when we introduce you to third parties, for example solicitors. Under such circumstances, they may rebate part of the fee that they charge you to Elite as payment for making the introduction. Our suitability report will show what proportion of fees will be rebated to Elite.
General Data Protection Regulation (GDPR)
Elite Independent Mortgages Ltd takes its obligations under the General Data Protection Regulation (GDPR) very seriously. We will ask for your permission to use your relevant data for mortgage and protection purposes. The following outlines your key rights and our obligations:
- The GDPR is the biggest change to UK data privacy law in 20 years.
- You are able to take control of how Elite Independent Mortgages Ltd uses your data and how you are contacted. You have the right to ask for access to see the data and the right to object to it.
- You can choose who contacts you from Elite Independent Mortgages Ltd and how that contact is delivered.
- Even if you have previously given authority for your data to be used, you are able to change your mind at any time regarding the means of contact or whether there is future contact.
- Elite Independent Mortgages Ltd confirms that your data will be securely protected with processes in place to offer this guarantee.
- Elite Independent Mortgages Ltd will take all reasonable steps to ensure the data collected is accurate, complete and up to date.
- Should you wish to erase or restrict our use of your data, this will be respected unless an overriding regulatory requirement deems otherwise. Data may need to be kept for up to six years as part of our legal obligations under FCA and PRA requirements governed by the Financial Services and Markets Act 2000 (FSMA).
- If you have any complaints in relation to the way we have used your information, please contact Elite Independent Mortgages Ltd in the first instance.
For full details, please refer to our separate Privacy Notice.