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Mortgage Initial Disclosure Document
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The following document sets out the Key Facts about our service. This shows our typical terms and conditions; however, we will discuss your preferences, such as how we are paid, when you ask for our advice. |
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About our mortgage services |
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The Equity Release Centre a trading style of Advice on Money
9 Access House, 62 Portman Road, Reading, Berkshire. RG30 1EA |
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1. The Financial Services Authority (FSA) |
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The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you. |
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2. Whose products do we offer? |
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We offer mortgages from the whole market. |
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We can only offer mortgages from a limited number of lenders.
Ask us for a list of the lenders we offer mortgages from.
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We can only offer a limited range of mortgages from a single company. |
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3. Which service will we provide you with? |
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We will advise and make a recommendation for you after we have assessed your needs. |
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You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed. |
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4. What will you have to pay us for this service? |
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A fee of 0.5% of the loan which is payable on application to the lender. Subject to a minimum of £500.00. E.g. On a loan of £100,000 our fee would be £500.00 and any commission we receive from the lender will be refunded to you.
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OR |
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A combination of fee and commission, so that total remuneration received by us would be not less than £500.00. We would retain any commission received from the lender towards this fee. Where the commission received is less than £500.00 you would pay a fee for the balance on completion. E.g. On a mortgage of £100,000 our total remuneration would be not less than £500. For this type and size of mortgage we would usually receive a commission of £375.00 from the lender. Based on this you would be left with a balance of £125.00 to be paid as a fee.
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OR |
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No fee, we will be paid by commission. |
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You will receive a key facts illustration when considering a particular lifetime mortgage, or further information about a particular home reversion scheme, which will tell you about any fees relating to it.
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5. Refund of fees |
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If we charge you a fee, and your mortgage does not go ahead, you will receive: |
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A full refund |
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A refund of 90% of the fees paid. E.g. On a loan of £100,000 where you have paid us a fee of £500.00 we would refund £450.00. |
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6. Who regulates us? |
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The Equity Release Centre a trading style of Advice on Money is an appointed representative of Sesame Limited, Oasis Park, Stanton Harcourt Road, Eynsham, Witney, Oxon OX29 4AE which is authorised and regulated by the Financial Services Authority. Sesame Limited’s FSA registration number is 150427.
Sesame Limited’s permitted business is advising on and arranging mortgages.
You can check this on the FSA's Register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234. |
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7. What to do if you have a complaint |
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If you wish to register a complaint, please contact us:
…in writing
Write to: The Disputes Team, Sesame Limited, Independence House, Hollybrook Road, Huddersfield. HD3 3HN.
… by phone
Telephone: 01484 422224
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
The Financial Ombudsman Service does not consider complaints about home reversion schemes |
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8. Are we covered by the Financial Services Compensation Scheme (FSCS)? |
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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.
Mortgage advising and arranging is covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000.
Further information about compensation scheme arrangements is available from the FSCS.
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Download your own copy of this Initial Disclosure Document in Adobe Acrobat format: |
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