Purely Mortgages Service

Key Facts About our services

1. The Financial Services Authority

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.

2. Whose products do we offer?

Mortgages

  • We offer mortgages from the whole of market.
  • We only offer mortgages from a limited number of lenders. Ask us for a list of the lenders we offer mortgages from.
  • We only offer mortgages from a single lender.

Insurance

  • We offer products from a range of insurers for buildings and contents insurance, term assurance and mortgage payment protection insurance.
  • We only offer products from a limited number of insurers for term assurance that is required in connection with your mortgage. Ask us for a list of the insurers we offer these products from.
  • We only offer mortgage payment protection from Paymentshield.
  • We introduce our clients that require buildings and contents insurance to our insurance partner, Equity Insurance Brokers Limited.

3. Which Service will we provide you with?

Mortgages

  • We will advise and make a recommendation for you after we have assessed your needs.
  • 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.

Insurance

  • For mortgage payment insurance, term assurance and building and contents insurance that is required in connection with your mortgage we will advise you and make a recommendation for you after we have assessed your needs. We will not advise you on your general life assurance requirements.
  • 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 detals on. You wll then need to make your choice about how to proceed.

4. What will you have to pay us for this service?

Mortgages

  • No Fee. We will be paid by commission from the lender
  • A fee of £145 payable at the outset. Purely Mortgages will charge a fee of a maximum of 2% of the loan amount. This fee will become payable on completion. For example if your mortgage loan is £100,000 then the fee payable will be a maximum of £2,000 on completion. We may also be paid commission from the lender.

You will receive a key facts illustration which will tell you about any fees relating tho a particular mortgage.

Insurance

  • No fee.
  • A fee.

You will receive a quotation which will tell you about any fees relating to a particular insurance policy

5. Refund of Fees

If we charge you a fee and your mortgage does not go ahead you will receive:

  • A full refund if the lender rejects your application.
  • A full refund if the property purchase falls through.
  • No refund if you decide not to take out a mortgage.

6. Who regulates us?

Purely Mortgages is an appointed representative of Mortgage Centre IFA, 14 Berkeley Street, Mayfair, London, W1J 8DP which is authorised and regulated by the Financial Services Authority. Our FSA Register number is 190656. Our 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 contact the FSA on 0845 606 1234.

You can check this is on the FSA’s Register by visiting the FSA’s website or by contacting the FSA on 0845 606 1234.

7. What to do if you have a complaint?

If you wish to register a complaint, please contact us:

  • Write to: Purely Mortgages, Complaints Department, 14 Berkeley Street, Mayfair, London, W1J 8DP
  • Telephone: 0845 1 22 77 22

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

8. Are we covered by 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.

Mortgages

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

Further information about compensation scheme arrangements is available from the FSCS.

Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim without an upper limit.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.