Mortgage Adviser UK Logo

Initial discloser

1. The Financial Services Authority (FSA)

The FSA is the independent watchdog that regulates financial services. It requires us to give you this combined document known as an 'initial disclosure document'. Use this information to decide if any of our services are right for you.

2. Who regulates us

The FSA sets out high levels of advisory practice to help you understand the commitment you are about to make. Our company adheres to certain principles laid down by the FSA and your consultant has adopted these standards and agrees to abide by them.

The Mortgage Partnership (MK) Limited is responsible for your consultant's compliance with the FSA regulations on "regulated mortgage contracts" and "regulated non-investment insurance contracts".

The Mortgage Partnership (MK) Limited is authorised and regulated by the Financial Services Authority and your consultants company is an Appointed Representative of The Mortgage Partnership.

Our FSA registration number is 405856. You can check this on the FSA's register by visiting their website www.fsa.gov.uk/register or by contacting the FSA on 0845 6061234. The Mortgage Partnerships FSA registration number is 302011.

3. Data protection

In order to process, record and use your personal information, we may disclose it, as permitted by law, to a third party for the purpose of which you have provided it and to administer the service you have applied for.

The companies to whom we pass your details to may pass back information about you which they feel may be necessary. This may include credit searching or referencing, acts of fraud and all loans or other credit agreements you may have.

We will treat all of your personal information private and confidential, (even when you are no longer a customer), except where permitted by law, where disclosure is made at your personal request or with your consent when arranging your mortgage.

In addition the FSA require us, as part of their compliance activity, to allow them access to our customer records. They have confirmed that it will only use this access for the purpose of compliance monitoring.

About our mortgage services

4. Whose products do we offer

Your consultant is an Independent Adviser and will therefore review the 'whole market' when selecting an appropriate lender and mortgage product to suit your requirements and we will therefore be acting on your behalf.

The term 'whole of market' could apply to a small number of lenders that represent a range of products offered from the market, or could apply to a larger number. A list of lenders your consultant has access to can be provided at your request.

5. Which service will we provide

Your consultant will make a 'personal recommendation' on the mortgage product they feel best suits your circumstances and preferences.

You will be asked to complete a detailed personal mortgage questionnaire. If the information that you give is either incomplete or inaccurate, this may affect the suitability of the advice given.

Your consultant will explain the main repayment methods and mortgage products and inform you of the costs and implications of taking out a mortgage. They will advise you what they consider suitable to meet your requirements.

Your consultant will clarify the mortgage product information in a 'Key Facts Illustration'. The advice provided by your consultant will be confirmed in writing. You should keep this as it will be a record of our transaction.

6. What will you have to pay us for our services

To maintain our high standards of service you may agree to pay your consultant an administration fee for the work involved in researching and arranging your mortgage.

This fee maybe required upon submission of a mortgage application or on completion of your mortgage and can alter dependent on the complexity of your case and in any event will be no more than 2% of the loan amount.

However, you have three options: -

If the lender rejects your application you will receive a full refund of this fee.

If you decide not to proceed with your application or you fail to disclose relevant information, then no refund will be made.

About our insurance services

7. Whose products do we offer

For our purposes, the term 'insurance' could apply to a buildings or contents policy or a life assurance policy to cover your mortgage or family.

Your consultant will only select an appropriate insurance provider from a limited panel. A list of the providers on this panel can be supplied at your request.

8. Which service will we provide

Your consultant will make a 'personal recommendation' on the insurance product they feel best suits your demands and needs.

You will be asked to complete a detailed personal questionnaire. If the information that you give is either incomplete or inaccurate, then this may affect the suitability of the advice given and therefore the cover provided.

It maybe that the recommendation made by your consultant does not meet all of your demands and needs. If this is the case then your consultant will identify those demands and needs not met by the contract.

Your consultant will clarify the details of the insurance product in a policy summary or a key features document and will also provide details of the cover and premium in a key facts illustration.

9. What will you have to pay us for our services

You may agree to pay your consultant a fee for the work involved in researching and arranging your insurance contract. This fee maybe required upon submission of your contract and will be no more than £500.

If the provider rejects your application due to medical history or insurability then you will receive a full refund of this fee.

If you decide not to proceed with your application then no refund will be made.

Additional information about our services

10. What to do if you have a complaint

The FSA insist that our communication with you must be clear, fair and not misleading. If you believe that this has not been the case and you wish to make a complaint, you should contact the Compliance Officer at: The Mortgage Partnership (MK) Limited, 4 Clarence House, 152 North Row, Milton Keynes, MK9 1AY. Tel: 01908 609566.

They will acknowledge your complaint immediately and provide a full response within a reasonable time-scale. If you remain dissatisfied following their final response, you may refer the matter to the Financial Ombudsman Service whose address is: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR.

11. 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.

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.

Insurance advising and arranging is covered for 100% of the first £2000 and 90% of the remaining claim without an upper limit.

12. Client consents

Where we feel that a service or product offered by us or a selected third party may benefit you, we or The Mortgage Partnership (MK) Limited may contact you by mail, telephone, fax, e-mail or other reasonable method to give you further details, so that you can make an informed choice.

You are of course, under no obligation to apply for any of the services or products offered. If you prefer not to receive this service or any information, then please write to the Data Protection Officer at The Mortgage Partnership (MK) Limited, 4 Clarence House, 152 North Row, Milton Keynes, MK9 1AY, providing your full name and address.

Mortgage Adviser UK MAUK House Church Street Pattishall Northants NN1 8NB
Tel: 01327 830002 Fax: 01327 830004 E-mail: rm@mauk.info