OUR MORTGAGE AND INSURANCE SERVICES & COSTS

The Financial Conduct Authority

Craven Mortgages Limited is authorised and regulated by the Financial Conduct Authority (FCA). 

The FCA regulates financial services in the UK and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register. 

Our Financial Services Register number is 808717. 

Our Services 

For Mortgages we are independent mortgage advisers and we will recommend a mortgage product that is suitable for you following an assessment of your personal needs and circumstances. This will include a detailed assessment of affordability.

We will consider all products and lenders that we have access to. This means we will not consider those lenders that are only available by you going direct to them. 

Where you are increasing your borrowing we will consider the merits of both a new first charge mortgage and securing this by an additional mortgage on a second charge basis. You may have the option of a further advance from your existing lender, however, we will only consider this where we are able to deal directly with the lender on your behalf. 

It may be in your best interests to explore this option and look at the further alternative of an unsecured loan, as these may be more appropriate for you.

For protection (life assurance, critical illness or income protection) we act as an Introducer to Caspian Insurance (www.caspianinsurance.co.uk) who are a firm of insurance brokers. We will not give advice as Caspian will be responsible for this.

For general insurance contracts such as buildings and contents or Landlords insurance we are an intermediary. We do not provide advice but will arrange general insurance products with Uinsure Ltd in line with your demands and needs. It will be your responsibility to ensure the policy meets your demands and needs.

The Cost of our Service 

We do not charge a fee for providing advice and submitting your Product Transfer. 

Our fees are dependent upon the complexity levels of the mortgage required. 

1) Standard: 

We charge a fee of £295 per mortgage, payable upon offer for research and sourcing a mortgage product for standard residential mortgage purchase and remortgage applications. 

A standard residential purchase, remortgage or qualifiable product switch along with permanently employed clients or a self-employed/contractor with 2 years continuous employment/self-employment status history, demonstrably consistent income history and no unusual property or credit history concerns.

2) Non-Standard:

We charge a fee of £495 per mortgage, payable upon offer for research and sourcing a mortgage product for non-standard residential mortgage purchase and remortgage applications. 

This would apply to clients who are Directors/Shareholders of Companies, self-employed/contractors with less than 2 years continuous history, inconsistent or decreasing income, or some light adverse credit history. This also includes non-standard properties, non-standard ownership structures (such as “sole proprietor” or “family assisted” mortgages), and use of our house buying package. 

House Buying Package – this consists of support with offer negotiations direct to the agent, full advice process along with support with conveyancing. 

3) Complex:

We charge a fee of £695 per mortgage, payable upon application for research and sourcing a mortgage product for complex mortgage purchase and remortgage applications.

Clients with complex needs include Directors/Shareholders of multiple Companies, self-employed/contractors with less than 12 months contracting history or with only 1 years’ self-employed accounts, or heavy or recent adverse credit history. Also included would be multiple mortgage scenarios, foreign currency incomes/contracts or any other unusual or inconsistent income arrangements. 

In addition to the fee we charge you, we may receive commission from the mortgage lender, which will be disclosed on the Key Facts Illustration / European Standardised Information Sheet you will receive relating to your chosen mortgage. The commissions received will be retained by us.

Refund of fees 

Please note, if you pay a fee on application, our fee will still be charged should the lender reject your mortgage application due to you not disclosing any material information about your personal situation. It should also be noted we do not provide a refund should you decide not to proceed with the mortgage loan after we have made a recommendation to you. 

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

Non-Investment Protection and General Insurance Contracts 

We do not charge a fee for advising and arranging as we will receive commission from the policy provider after the policy has been placed on risk. 

Our Ethical Policy 

We are committed to providing the highest standard of financial advice and service possible. The interest of our clients is paramount to us and to achieve this we have designed our systems and procedures to place you at the heart of our business. In doing so, we will: 

• be open, honest and transparent in the way we deal with you; 

• not place our interests above yours;

• communicate clearly, promptly and without jargon; 

Cancellation rights 

Certain protection and insurance contracts allow you the right to cancel after a contract has been put in force. Prior to you entering into a contract of protection or insurance we will provide you with specific details should this apply to include: its duration; conditions, practical instructions and any costs for exercising it, together with the consequences of not exercising it. 

Instructions 

We prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings. We will, however, accept oral instructions provided they are confirmed in writing.

Complaints 

If you wish to register a complaint, please write to:

Matthew Hawcroft, CFP Group Limited, 28b The Grove, Ilkley, LS29 9EE 

Tel: 01943 496996. Email: matt@cfpgroup.co.uk. 

A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234567. 

Compensation Scheme 

If you make a complaint and we are unable to meet our liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme.

Further information about the limits applicable to the different product types is available from the FSCS at http://www.fscs.org.uk/what-we-cover/products.

Client Verification 

We may be required to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold is up-to-date. For this purpose we may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning. 

Law 

This agreement is governed and shall be construed in accordance with the Law of England and the parties shall submit to the exclusive jurisdiction of the English Courts. 

Force Majeure 

Craven Mortgages Limited shall not be in breach of this Agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.

Termination

The authority to act on your behalf may be terminated at any time without penalty by either party giving 7 days’ notice in writing to that effect to the other, but without prejudice to the completion of transactions already initiated. Any transactions effected before termination and a due proportion of any period charges for services shall be settled to that date.