Information about our Mortgage and Insurance services
Mortgages, Lifetime Mortgages & Protection Planning
The Financial Conduct Authority
The Mortgage Hive LTD Uk Ltd 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 or by contacting the FCA on 0800 111 6768. Our Financial Services Register number is 844138
Our mortgage services are limited to advising on first charge mortgages and lifetime mortgage products only. We will consider all lenders we have access to before recommending a suitable mortgage product following an assessment of your personal needs and circumstances. This will include a detailed assessment of affordability.
Certain lenders may offer products directly to the public, rather than via an intermediary firm, with more favourable terms. Accordingly, our recommendation to you will be based on the most suitable mortgage product incorporated within the range available to intermediary firms.
If there is a particular mortgage product that you are aware of which is available directly from a lender that you wish us to review and comment on, we are happy to do so. We may charge you a fee for providing advice in relation to this but would agree this with you at the time.
Where you are increasing your borrowing or consolidating existing loans you may have the option of;
• • taking out a further advance with your existing lender
• • arranging a separate second charge mortgage
• • borrowing through an unsecured loan.
There may well be alternative options available to you that may be more appropriate. For example, you may be able to obtain a further advance from your existing lender or obtain an unsecured loan for the additional funds. Where your existing mortgage is a first charge against the property, a second charge mortgage may be available.
We will consider all lifetime mortgages products across the market that we have access to. We can provide you with a list of the providers we consider on request.
We will not consider those providers that are only available by you going direct to them.
We will only recommend you take out a lifetime mortgage after an assessment of your personal needs and circumstances.
Protection Planning - Insurances
Non-investment protection contracts - we offer non-investment protection from a range of insurers. We will provide you with advice and arrange products such as term assurance, income protection and critical illness on your behalf after an assessment of your personal needs and circumstances
You can pay for our advised protection services by: Commission.
Where we are paid by commission we will tell you the amount before we carry out any business for you.
The Costs of our Service
We do not charge you a fee, we will receive and retain a commission from the lender when your mortgage completes. This amount will be confirmed by the lender in their disclosure document.
Should you wish you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendation to you.
We may also receive a marketing allowance from third parties or be required to pay a commission to third parties that have introduced business to us.
Non-Investment Protection and General Insurance Contracts
We do not charge a fee as we will receive commission from the provider after the policy has been placed on risk
Our Ethical Policy
We are committed to providing the highest standard of advice and service possible. The interest of our customers 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;
• • seek your views and perception of our dealings with you to ensure it meets your expectations or to identify any improvements required.
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.
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.
If you wish to register a complaint, please write to The Mortgage Hive Ltd, 242 Columbia Road, Bournemouth, Dorset BH10 4DS or telephone 01202 084064.
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 023 4 567.
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
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.
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.
The Mortgage Hive Ltd 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.
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.